Truflation’s newly revamped dashboard provides data on 12 key cost categories to more accurately measure inflation rates as compared to many government consumer price indicators
Truflation, a distributed, blockchain-based inflation indicator initiative, announced the launch of a completely redesigned UI. The dashboard now features a variety of new functions, capabilities, and new features. This new “Dashboard 2.0” revises the six standard expenditure categories used by many official government consumer price indexes (CPIs) and adds six new categories as well, bringing the total number of cost categories covered by the platform to 12.
Truflation is aiming to improve accuracy and relevancy of the inflation data available to both private and public markets. Truflation has updated each cost group’s weight to reflect the changing trends and macroeconomic conditions that impact consumer spending behaviour.
Dashboard 2.0 represents a significant development in Truflation. It is no longer based on the CPI model, which only uses six cost groups to account for all aspects of consumer spending. By breaking up these major cost categories, revising the weights of each category, and adding new categories that are relevant to today’s consumers, Truflation hopes to provide users with better and deeper data insights, more comprehensive and accurate breakdowns of price changes, and independent assessments of price action in the categories that matter most to people and businesses – all securely and transparently stored and provisioned to users via the blockchain.
Truflation was founded by Stefan RustThe new update was commented upon by : “The release of Dashboard 2.0 will represent a huge leap for Truflation. We aim to offer the most accurate economic insight possible for users around the globe. We can give you accurate and direct information about what household spend their money on by using independent data and more cost-relevant categories. It is also possible to measure inflation with greater accuracy. These data can be used to plan for procurement, supply chain optimization, resource planning, pricing and marketing. We are excited about expanding into new markets and bringing this value-added service to people and businesses operating in a wide range of different industries.”
Rust was the former CEO at Bitcoin.com. He leads a highly skilled team that has over 50 years of combined data science and Truflation experience. Recently, the team acquired vast amounts of data on household spending data worldwide. This data will be used to build Truflation’s index of what households actually buy and spend money on throughout the year. Truflation is able to update weights in real time based on updated data. This allows it to accurately calculate inflation rates and give deeper insights into 12 major cost categories.
Thanks to standardization and seamless integration with data feeds, Truflation’s indices can be easily scaled and rolled out across different countries, markets, and geographies using the same reliable methodology. You can adjust the basket weights and cost categories over time, which improves both accuracy and comparability between different time periods and regions. This is in stark contrast to many existing systems which use unstandardized methods to calculate inflation rates. Comparisons and analysis are difficult because of this.
At present, Truflation uses consumer data for multiple household income levels and uses census, mini-census, and consumer and merchant surveys for price information, which makes Truflation’s empirical data not only very granular but highly comprehensive as well.