Regional Price Parities: All Items for Rhode Island
RIRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.41
Year-over-Year Change
0.11%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Rhode Island measures the relative cost of living in Rhode Island compared to the national average. This data is important for understanding regional economic differences and informing policy decisions.
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 U.S. Bureau of Economic Analysis. The All Items RPP for Rhode Island specifically compares the average price level in the state to the national average, providing insights into regional cost-of-living variations.
Methodology
The RPPs are calculated based on average prices collected for a range of consumer goods and services across geographic areas.
Historical Context
Policymakers and economists use RPP data to analyze regional economic disparities and cost-of-living differences.
Key Facts
- Rhode Island's All Items RPP was 102.5 in 2020, indicating prices 2.5% above the national average.
- RPPs are published annually for all U.S. states and metropolitan areas.
- RPPs enable comparisons of real purchasing power across regions.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parity: All Items for Rhode Island measures the average price level in the state relative to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding regional cost-of-living differences and informing policy decisions related to economic development, taxation, and social program administration.
Q: How is this data collected or calculated?
A: The RPPs are calculated based on average prices collected for a range of consumer goods and services across geographic areas.
Q: How is this trend used in economic policy?
A: Policymakers and economists use RPP data to analyze regional economic disparities and cost-of-living differences, which informs decisions related to taxation, social programs, and economic development initiatives.
Q: Are there update delays or limitations?
A: The RPPs are published annually, with a delay of approximately one year, and may not fully capture rapid changes in regional price levels.
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Citation
U.S. Bureau of Economic Analysis, Regional Price Parities: All Items for Rhode Island (RIRPPALL), retrieved from FRED.