National Bureau of Statistics have been measuring inflation with the same method for a century
They send people to the streets to survey data from offline stores. They collect, process, and analyze the price data within the month and publish the information usually 10 to 20 days after month-end. Massive amounts of valuable information in being dismissed in the process.
That’s where we step in!
Million of daily price observations are mined from hundreds of global online retailers. Data is collected from websites all around the world, then pruned, classified, and consolidated and turned it into High-Frequency CPI indexes at finger distance.
Though 7 years of experience we’ve learned how to discard, filter & smooth the data to extract a signal from otherwise noisy and useless data. Data is then classified with our language & image classification models into category groups that match National Bureau’s nomenclators (COICOP) Collected online data covers most consumption baskets such as Food & Beverage, Clothing, Household Equipment, Electronics, Construction, Tourism and Transport, furniture, or energy, among others.
CPI began in Argentina in 2013 as a small project, when official CPI was not available. 4 Years later, when a new reliable official index we discovered that our index had predictive power!
Since then we work hard to improve our processes and models and started collecting data from other Latin American & European countries, the US, Canada, and Turkey. Our growing database now has more than 5 billion prices and 30 countries.