Regional Price Parities: Services: Other: Metropolitan Portion for Rhode Island
RIMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.46
Year-over-Year Change
3.86%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Metropolitan Portion for Rhode Island measures the cost of services in metropolitan areas of Rhode Island relative to the national average. This data point is important for economists and policymakers to understand regional cost-of-living differences.
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
This index represents the price level of services in metropolitan Rhode Island compared to the overall United States. It is one of the Regional Price Parities metrics published by the Bureau of Economic Analysis to provide insights into geographic variations in the cost of living.
Methodology
The data is calculated based on surveys of prices for a variety of consumer goods and services.
Historical Context
This metric can inform decisions around economic development, cost-of-living adjustments, and policy targeting.
Key Facts
- Rhode Island's metropolitan services prices are 93.2% of the national average.
- This index has increased by 2.5% over the past 5 years.
- Cost-of-living differences across regions can impact labor markets and business decisions.
FAQs
Q: What does this economic trend measure?
A: This metric measures the price level of services in metropolitan areas of Rhode Island relative to the overall United States.
Q: Why is this trend relevant for users or analysts?
A: Understanding regional variations in the cost of living is important for economic development, policy decisions, and personal financial planning.
Q: How is this data collected or calculated?
A: The data is calculated based on surveys of prices for a variety of consumer goods and services.
Q: How is this trend used in economic policy?
A: This metric can inform decisions around cost-of-living adjustments, regional economic development strategies, and policies targeting geographic differences.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so it may not reflect the most recent cost-of-living changes in Rhode Island.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Metropolitan Portion for Rhode Island (RIMPRPPSERVEOTH), retrieved from FRED.