Source: U.S. Bureau of Economic Analysis
Regional price parities (RPPs) are regional price levels expressed as a percentage of the overall national price level for a given year. The price levels are determined by the average prices paid by consumers for the mix of goods and services consumed in each region. Taking the ratio of RPPs shows the difference in price levels across regions.
The term "all items" refers to all the detailed consumption goods and services used in the estimation of the RPPs.
Nonmetropolitan portion consists of all counties in a state or the US that are outside of metropolitan statistical areas.
For more information about this release go to http://www.bea.gov/newsreleases/regional/rpp/rpp_newsrelease.htm or http://www.bea.gov/regional/methods.cfm.
U.S. Bureau of Economic Analysis, Regional Price Parities: All Items: Nonmetropolitan Portion for New Jersey [NJNMPRPPALL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NJNMPRPPALL, September 25, 2021.