Regional Price Parities: All Items: Metropolitan Portion for South Dakota
SDMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
90.15
Year-over-Year Change
-1.54%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Metropolitan Portion for South Dakota measures the relative cost of living in the state's metro areas compared to the national average. This metric is important for policymakers and researchers analyzing regional economic disparities.
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 index compares the prices of consumer goods and services across different U.S. regions. The metro portion for South Dakota specifically looks at price levels in the state's urban areas relative to the national benchmark.
Methodology
The data is calculated by the Bureau of Economic Analysis using a sampling of consumer prices.
Historical Context
This metric provides insight into the purchasing power and real incomes of South Dakota residents relative to the rest of the country.
Key Facts
- South Dakota's metro-area prices averaged 92.5% of the national level in 2020.
- The state's cost of living is substantially lower than coastal metro areas.
- Rapid population growth has impacted housing and other prices in some South Dakota cities.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items: Metropolitan Portion for South Dakota measures the relative cost of consumer goods and services in the state's metro areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the purchasing power and real incomes of South Dakota residents relative to the rest of the country, which is important for policymakers and researchers analyzing regional economic disparities.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis using a sampling of consumer prices.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the relative cost of living in South Dakota's metro areas, which can inform decisions around economic development, taxation, and social welfare programs.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually, with a delay of about a year, so the most recent information may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Metropolitan Portion for South Dakota (SDMPRPPALL), retrieved from FRED.