Regional Price Parities: Goods for Utah
UTRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.02
Year-over-Year Change
-6.98%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities (RPPs) for Goods in Utah measure the differences in consumer goods prices across states. They are an important economic indicator for understanding regional cost-of-living variations.
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 RPPs for Goods in Utah provide a relative price index that compares the prices of consumer goods in Utah to the national average. They are used to adjust income and other economic measures for geographic price differences.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer prices across states.
Historical Context
RPPs help policymakers and businesses understand regional economic conditions and cost-of-living trends.
Key Facts
- Utah's RPP for Goods was 92.9 in 2020, below the national average.
- RPPs adjust personal income data to reflect differences in purchasing power across states.
- RPPs are used to compare real economic indicators like GDP across regions.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods in Utah measure the differences in consumer goods prices between Utah and the national average.
Q: Why is this trend relevant for users or analysts?
A: RPPs for Goods are crucial for understanding regional cost-of-living and adjusting income data to account for geographic price variations.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer prices across states.
Q: How is this trend used in economic policy?
A: RPPs help policymakers and businesses understand regional economic conditions and cost-of-living trends to inform decision-making.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a lag, so it may not reflect the most recent price changes.
Related Trends
Real Gross Domestic Product: Transportation and Warehousing (48-49) in Utah
UTTRANSWARERGSP
Value of Exports to United Kingdom from Utah
UTGBRA052SCEN
Imports of Goods: Manufactured Commodities for Utah
IMPMANUT
Average Hourly Earnings of Production Employees: Manufacturing in Utah
SMU49000003000000008A
All Employees: Health Care: Ambulatory Health Care Services in Utah
SMU49000006562100001A
Gross Domestic Product: Accommodation (721) in Utah
UTACCOMDNGSP
Citation
U.S. Federal Reserve, Regional Price Parities: Goods for Utah (UTRPPGOOD), retrieved from FRED.