Regional Price Parities: Services: Other for Wisconsin
WIRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.21
Year-over-Year Change
3.43%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Wisconsin measures price differences for a basket of service-related goods and services across U.S. states, providing insights into 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
This index tracks the relative price levels of a comprehensive set of service items, excluding housing, for the state of Wisconsin compared to the national average. It is a key metric for understanding regional economic disparities and informing policy decisions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral index method to compare prices across states.
Historical Context
Policymakers and businesses utilize this data to assess regional competitiveness and cost-of-living differences when making economic decisions.
Key Facts
- Wisconsin's services price index was 92.3 in 2020, indicating costs were 7.7% below the national average.
- The services price index has remained relatively stable in Wisconsin over the past decade.
- Differences in regional price parities can significantly impact household purchasing power and quality of life.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Wisconsin measures the relative price levels of a basket of service-related goods and services in the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This index provides crucial insights into regional cost-of-living variations, which inform business and policy decisions related to economic competitiveness and household purchasing power.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral index method to compare prices across states.
Q: How is this trend used in economic policy?
A: Policymakers and businesses utilize this data to assess regional competitiveness and cost-of-living differences when making economic decisions.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, and may not capture sudden changes in regional price dynamics.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for Wisconsin (WIRPPSERVEOTH), retrieved from FRED.