The independent inflation index Truflation has announced the release of its groundbreaking Dashboard 2.0. The new dashboard adds independent data weights (consumer expenditure data) to Truflation’s index to decouple from the government’s consumer price index (CPI).
The goal of this major update by Truflation is to drastically improve inflation data that is offered by the government’s CPI and revise the weightages of each category within the index to more accurately reflect market prices and consumer expenditures in different cost areas. The new data takes Truflation away from the current CPI model that uses 6 primary categories and introduces a new model which expands the index into 12 key pillars. Breaking up the major categories gives Truflation users access to better and deeper data insights in a more comprehensive set of spending categories. These unique categories will be released as independent price indices on the blockchain.
“This update is a huge leap for Truflation. Our goal is to provide the best economic insights to the world. With independent demographic data, we can obtain a direct and accurate view into what households actually spend money on, and we can measure inflation more accurately. We can also expedite our expansion to Europe and South America,” said Stefan Rust, Founder of Truflation.
Rust is a former CEO of Bitcoin.com and has put together a stellar team with 50+ years of cumulative experience in data science and the development of data products.
The team recently acquired and implemented highly granular, global household expenditure data which the platform uses to build the Truflation index of what households actually buy and spend money on during the year. The system can update data weights in real time to reflect accurate and current inflation figures in different geographic areas across all 12 of the platform’s price categories.
Truflation’s indices are also easier to scale across different countries using the same methodology, with categories and basket weights providing highly improved comparability. This contrasts with the current system in which every country has its own preferred method of calculating inflation. This lack of standardization can hinder cross-border comparisons and analyses, making it more difficult for the global community to work together toward overcoming shared challenges in the areas of cost, inflation, consumer prices, and consumer welfare.
The new consumer data are available for various income households and take the average budget distribution of all income groups. The data is obtained through a combination of census, mini-census, and high-quality surveys of consumers and merchants, making Truflation’s base data not just highly granular but exceptionally comprehensive.
Truflation is a data DAO that provides daily, unbiased, data-driven, real-market inflation rates for DeFi and Web3 products. The on-chain information offered by its services is powered by decentralized oracles and is based on calculations of real-world prices from public and commercial data APIs.
Truflation’s mission is to offer the most objective, decentralized, and current economic and financial information alternative in the form of on-chain price indexes to fuel a new generation of blockchain products. Truflation