Regional Price Parities: All Items: Nonmetropolitan Portion for Washington
WANMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.01
Year-over-Year Change
1.83%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Nonmetropolitan Portion for Washington measures cost-of-living differences across non-metropolitan areas in the 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
This series provides a state-level index that compares the average price level in non-metropolitan areas of Washington to the national average, allowing for analysis of regional economic variation.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources including consumer price data.
Historical Context
This metric is used by policymakers and analysts to understand regional economic disparities and cost-of-living differences.
Key Facts
- The 2021 Regional Price Parity for non-metropolitan Washington was 92.3% of the national average.
- Cost-of-living in non-metro Washington is lower than the overall state average.
- This metric helps quantify economic differences between urban and rural areas.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average price level in non-metropolitan areas of Washington compared to the national average, providing insight into regional cost-of-living differences.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding regional economic disparities and informing policy decisions related to cost-of-living, wages, and economic development.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this metric using consumer price data from various sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate regional cost-of-living differences and make informed decisions about issues like targeted tax credits, transfer payments, and economic investment.
Q: Are there update delays or limitations?
A: This data is published annually with a lag, 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: Nonmetropolitan Portion for Washington (WANMPRPPALL), retrieved from FRED.