real-time news and commentary for investors
Tuesday, Oct 15
Start-up aims to revolutionize inflation tracking
- A start-up backed by Google is today due to unveil a way to measure inflation in real time rather than on a monthly basis, as has been the way for decades.
- Premise Data has employed 700 people from around the world to photograph store shelves and product carts using their smartphones. Premise then uses the pictures, along with information from Internet sites, to track consumer prices.
- The company's approach is in contrast to the methodology at the Labor Department, whose staff collect product prices once a month.
- Premise's customers include a consumer packaged-goods company and two hedge funds. The advantage is that the company's data can point to trends early, long before government officials and the press start noticing them.