Measuring inflation in real time

Here is a link to the Billion Prices Project @ MIT. They poll prices of millions of products sold online on a daily basis and create a monthly and annual inflation index. The indexes are updated daily. Data is available on a few countries including the US. The index is not as precise or weighted properly like the official Consumer Price Index (CPI). I think it is a very good tool to measure short term trends in inflation in real time. I think this is a great tool.

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