Truflation’s newly revamped dashboard provides data on 12 key cost categories to more accurately measure inflation rates than many government consumer price indicators
Truflation, a decentralized, blockchain-based inflation indexing initiative, has announced the release of a new and redesigned UI for its dashboard, complete with a new set of features, functions and capabilities. This new “Dashboard 2.0” revises the six standard spending categories used by several official government consumer price indices (CPIs) and also adds six new categories, bringing the total number of cost categories covered by the platform to 12. Is.
With this new update, Truflation expects to significantly improve the accuracy and relevance of inflation data available to private and public markets and enterprises. Traflation has also modified the respective weightings of each cost category to more accurately reflect changing tastes, trends and macroeconomic movements influencing consumer spending behaviour.
The release of Dashboard 2.0 is a major development that moves TrueFlation away from the current CPI model that uses only six cost categories to cover all areas of consumer spending. By breaking down these key cost categories, modifying the weightings of each category, and adding new categories that are relevant to today’s consumers, TrueFlation provides users with better and deeper data insights, more comprehensive and accurate analysis of price changes, and independent evaluations. hopes to do. of price action in the categories that matter most to people and businesses – all stored and provisioned securely and transparently to users via the blockchain.
Stephen Rust, founder of TruffleCommented on the new update by saying: “The release of Dashboard 2.0 will represent a huge leap forward for TrueFlation. We aim to provide users around the world with the best economic insights possible. Independent demographic data, more relevant cost categories, and real-time data from a wide range of trusted providers With Feed, we can provide direct and accurate information about what households actually spend money on. We can also measure inflation more accurately. This information can be used from purchases to supply chain optimization can be used for resource planning, marketing, pricing, and more. We are excited to expand into new markets and bring this value-added service to people and businesses working in a wide range of different industries. Huh. “
Mr. Rust is the former CEO of Bitcoin.com and has an exceptionally talented team with over five decades of data science experience working at TrueFlation. The team recently acquired a huge data corpus on global household spending data. This data will be used to create an index of truffles of what households actually buy and spend money on throughout the year. Because TrueFlation can update data weights in real time based on new data, it can accurately calculate inflation rates for different geographies and provide deeper insights into 12 key cost categories of consumer spending.
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 a single reliable methodology. Cost categories and basket weights can be adjusted and updated over time to improve both the accuracy and comparability of results across different regions and time periods. This level of flexibility and relevance is in contrast to many existing systems that use a non-standard approach to calculating inflation rates, making comparisons and analysis difficult.
Currently, Truflation uses consumer data for multiple household income levels and uses censuses, mini-census, and consumer and merchant surveys for price information, which make Truflation’s empirical data not only too fine-grained but highly comprehensive. also makes.