Regional Price Parities: All Items: Nonmetropolitan Portion for Virginia
VANMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
88.21
Year-over-Year Change
1.25%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Nonmetropolitan Portion for Virginia measures the relative cost of living in non-metropolitan areas of Virginia compared to the national average. This metric is important for economists and policymakers to understand regional price differences within a state.
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 provide a measure of the differences in price levels across states and metropolitan areas relative to the overall national price level. The nonmetropolitan portion focuses specifically on non-urban areas of Virginia, providing valuable insights for regional economic analysis.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer prices.
Historical Context
This metric is used to adjust economic measures like personal income and gross domestic product for regional price differences.
Key Facts
- The Virginia nonmetropolitan price level is 91.3% of the national average.
- Prices in non-urban Virginia are lower than the statewide average.
- Regional price parities help account for differences in purchasing power across locations.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items: Nonmetropolitan Portion for Virginia measures the relative cost of living in non-metropolitan areas of the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding regional price differences within Virginia, which can impact measures like personal income and economic output.
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.
Q: How is this trend used in economic policy?
A: Regional price parities are used to adjust economic measures like personal income and GDP to account for differences in purchasing power across locations.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so there may be delays in reflecting the most current price information.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Nonmetropolitan Portion for Virginia (VANMPRPPALL), retrieved from FRED.