The First Truflation Index Update
We will be updating the Truflation Index this week. We expect a pretty big change in the number. Here are the upcoming changes and why they are integrated:
Penn State Rent Data
Data providers constantly update their data models, which changes our oracle’s current and historical numbers. The dataset most often updated is Penn State’s University rent data as the researchers continuously improve their calculation models.
We’ve reached a consensus that this is aligned with our mission to produce the most accurate inflation information currently available. In this patch, we re-enable our oracle to source the most recent data from Penn State and other providers even though it changes our historical data.
New and Used Car Data
We are adding a new dataset provider of the prices of the new and used cars. Our current dataset only included used cars. The new dataset will include both. Our data scientists are working on incorporating both very diverse data sets for used cars into one, ahead of the update.
The addition of the new data will push our coverage of the official CPI basket from the current 55.5% to 59.5%.
Bug Fix with Food Commodity Data
We fixed an issue where the time period used for food commodities calculation did not match the periods for other data sources. This bug did not affect the raw CPI data provided by the oracle on Chainlink. However, it significantly affected the YoY% change reported online, and it is the main reason the number reported from now on will be lower. We now unified the data period comparisons across all datasets.
Tweaked the Relative Importances
- We identified and fixed a manual error in 3 minor data weights that were input incorrectly and differed by 0.04, 0.01, and 0.06 from the original data.
- We divided the Rent category into Owners Rent and Tenants Rent. The sum remains the same and doesn’t affect the current index. The change will help us scale as we get separate alternative datasets for both categories.
- We divided the Energy Commodities category into 3 separate categories for the same reason. It doesn’t affect the current index.
Dealt with New Historical Data
Because our oracle now sources only the newest data points with every query we are keeping a separate record of older data versions, as well as the officially reported inflation rate on the day of acquisition for our reference. Additionally, the daily records are available on our social media.
The interactive historical records with all the changes and separate datasets will likely be released to the public in the future, as part of our oracle business model.
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