Implicit Regional Price Deflator for Rhode Island
RIIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.19
Year-over-Year Change
29.97%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator for Rhode Island measures changes in the overall price level for goods and services in the state. It is a key indicator of regional inflation and purchasing power.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Implicit Regional Price Deflator for Rhode Island is a quarterly economic index that tracks price changes in consumer goods, services, and other expenditures within the state. It is used to adjust economic data for inflation and compare real purchasing power across regions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a range of sources including consumer and producer price indexes.
Historical Context
The deflator is closely watched by policymakers, businesses, and consumers to understand regional economic conditions and cost-of-living trends.
Key Facts
- Rhode Island's deflator is based on a basket of over 200 consumer goods and services.
- The deflator is updated quarterly, with the latest data reflecting changes in the prior 3 months.
- The deflator can vary significantly from the national Consumer Price Index due to regional differences.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for Rhode Island measures changes in the overall price level for goods and services purchased by consumers within the state.
Q: Why is this trend relevant for users or analysts?
A: The deflator is a key indicator of regional inflation and purchasing power, helping policymakers, businesses, and consumers understand cost-of-living trends within Rhode Island.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a range of sources including consumer and producer price indexes.
Q: How is this trend used in economic policy?
A: The Rhode Island deflator is closely watched by policymakers to assess regional economic conditions and inform decisions around taxes, spending, and other policies.
Q: Are there update delays or limitations?
A: The deflator is updated quarterly, with the latest data reflecting changes in the prior 3 months. There may be lags in some underlying source data.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator for Rhode Island (RIIRPD), retrieved from FRED.