Published 18 Apr, 2023
We are pleased to announce the launch of our new subcategory feature for our inflation data analysis platform.
Truflation now provides a more detailed and nuanced view of inflation trends by breaking down broad categories into smaller subcategories. This feature allows users to better understand the factors driving price changes within each category and provides greater transparency into inflation data.
Inflation data is typically reported at various levels of aggregation, including overall inflation rates, inflation rates for broad categories of goods and services, and inflation rates for specific subcategories within those categories.
The role of subcategories in inflation data is to provide a more detailed and nuanced picture of price changes within a particular category. For example, the overall inflation rate for the "food and beverages" category may not fully capture the price changes for specific food items such as meat, fruits, or vegetables.
By breaking down the category into subcategories such as "beef and veal," "fruits," and "vegetables," we can get a better understanding of how price changes in those specific items are contributing to the overall inflation rate for the food and beverages category.
Subcategories also allow policymakers and analysts to identify specific areas of the economy where price changes may have a larger impact on consumers. This information can be used to develop targeted policies or to adjust monetary policy to address inflationary pressures in specific areas of the economy.
While still in Beta, we are introducing 2 sub-categories for ‘Housing: owned dwellings, and rented dwellings.
Hovering over a specific subcategory will show you its corresponding inflation rate, giving you a more accurate and transparent venue to identify which domains contribute to the overall inflation.
Why launch in beta? It allows us to stress-test the feature and gather community feedback for a confident and optimized launch which will introduce more sub-categories for all 12 categories.
Truflation’s economic data will become deeply granular over time as we introduce more measurement parameters into our methodology. Truflation premium and now subcategories are just the first set of many features we aim to offer our power users.