World’s first independent inflation index Truflation Now
Austin, Texas, June 08, 2022 (GLOBE NEWSWIRE) —
The independent inflation index Truflation has announced the release of its revolutionary Dashboard 2.0. The new dashboard adds independent data weights (consumer expenditure data) to the Truflation Index to decouple it from the government’s Consumer Price Index (CPI).
The aim of this major Truflation update is to significantly improve the inflation data provided by the government’s CPI and to revise the weightings of each category within the index to more accurately reflect prices. market and consumer spending in different cost zones. The new data moves Truflation away from the current CPI model which uses 6 main categories and introduces a new model which expands the index into 12 key pillars. Separating the main categories allows Truflation users to access better and deeper insights into a more comprehensive set of spend categories. These unique categories will be published as independent price indices on the blockchain.
“This update is a huge step forward for Truflation. Our goal is to provide the best economic information in the world. With independent demographic data, we can get a direct and accurate view of real household spending and we can measure inflation more accurately. We can also accelerate our expansion in Europe and South America,” said Stefan Rust, Founder of Truflation.
Rust is a former CEO of Bitcoin.com and has built an exceptional team with over 50 years of combined experience in data science and data product development.
The team recently acquired and implemented highly granular global household spending data that the platform uses to build the Truflation Index of what households actually buy and spend over the course of the year. The system can update data weights in real time to reflect accurate and current inflation figures in different geographies across the platform’s 12 price categories.
Truffle indices are also easier to scale across different countries using the same methodology, with the categories and basket weights providing significantly improved comparability. This contrasts with the current system in which each country has its own preferred method of calculating inflation. This lack of standardization can hinder cross-border comparisons and analysis, making it harder for the global community to work together to overcome common challenges in the areas of cost, inflation, consumer prices and well-being. to be consumers.
The new consumer data is available for various income households and takes the average budget distribution of all income groups. Data is obtained through a combination of censuses, mini-censuses and high-quality consumer and merchant surveys, making Truflation’s core data not only 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 real price calculations 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 indices to power a new generation of blockchain products. Truflation empowers developers to create tools to help people maintain their purchasing power, navigate their wallets in a challenging macroeconomic landscape, and propel the DeFi space into the new era of a future-proof economy. inflation and powered by blockchain.
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