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.
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 for Grand Rapids-Wyoming, MI (MSA) [RPPALL24340], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/RPPALL24340, June 15, 2021.