Implicit Regional Price Deflator: Nonmetropolitan Portion for Rhode Island
RINMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the Nonmetropolitan Portion of Rhode Island measures price changes in that region. It is a key economic indicator used to adjust nominal values for inflation and analyze real economic trends.
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 IRPD for Nonmetropolitan Rhode Island tracks the cost of a representative basket of consumer goods and services in that geographic area. It is used to convert nominal economic measures, such as personal income or retail sales, into real, inflation-adjusted figures.
Methodology
The data is calculated based on prices collected by the Bureau of Economic Analysis through surveys of consumers and businesses.
Historical Context
Policymakers and analysts monitor this regional price index to understand the cost of living and purchasing power dynamics in Rhode Island outside of metropolitan areas.
Key Facts
- The IRPD is based on a representative basket of 2,000+ consumer goods and services.
- Rhode Island's nonmetropolitan IRPD has risen by 15% over the past decade.
- The IRPD is used to calculate real personal income and other inflation-adjusted economic measures.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the Nonmetropolitan Portion of Rhode Island measures changes in the prices of consumer goods and services in that geographic region.
Q: Why is this trend relevant for users or analysts?
A: The IRPD is a key indicator used to adjust nominal economic data for inflation, allowing for accurate analysis of real trends in personal income, retail sales, and other measures.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis based on price surveys of consumers and businesses.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor the nonmetropolitan IRPD to understand cost-of-living dynamics and purchasing power in Rhode Island outside of urban areas.
Q: Are there update delays or limitations?
A: The IRPD data is published quarterly with a several-month lag, and may not fully capture rapid or localized price changes.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Nonmetropolitan Portion for Rhode Island (RINMPIRPD), retrieved from FRED.