Regional Price Parities: Goods: Nonmetropolitan Portion for Rhode Island
RINMPRPPGOOD • 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 Regional Price Parities for Goods: Nonmetropolitan Portion for Rhode Island measures the relative cost of goods in non-metropolitan areas of the state compared to the national average. This data point is important for policymakers analyzing 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
The Regional Price Parities (RPPs) are a set of spatial price indexes published by the Bureau of Economic Analysis. The Goods: Nonmetropolitan Portion for Rhode Island specifically compares the purchasing power of consumer goods in non-urban areas of the state to the national average.
Methodology
The RPPs are calculated using a cost-of-living framework and data from the Consumer Price Index.
Historical Context
RPPs help inform policy decisions related to regional economic development, cost-of-living adjustments, and cost comparisons across areas.
Key Facts
- Rhode Island's non-metro goods prices are 92.7% of the national average.
- Tracking regional price differences is crucial for adjusting government program payments.
- The Goods RPP accounts for over half of total consumer expenditures.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods: Nonmetropolitan Portion for Rhode Island measures the relative cost of consumer goods in non-urban areas of the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data point is important for policymakers and economists analyzing regional cost-of-living differences, which can inform decisions around economic development, cost adjustments, and cross-area comparisons.
Q: How is this data collected or calculated?
A: The Regional Price Parities are calculated by the Bureau of Economic Analysis using a cost-of-living framework and data from the Consumer Price Index.
Q: How is this trend used in economic policy?
A: RPPs help inform policy decisions related to regional economic development, cost-of-living adjustments, and cost comparisons across geographic areas.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, and may not fully capture rapid changes in regional price dynamics.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods: Nonmetropolitan Portion for Rhode Island (RINMPRPPGOOD), retrieved from FRED.