Real Time Inflation Gauge

A startup company is using cell phone photos to track the cost of groceries in real time.  They also mine the cost data from internet stores which is reported to be the main source of their data.

They currently have 700 workers in 25 cities to captures pictures, that have location tagging, to capture products with prices.  Software   automatically process the data and indexes inflation much faster than the official numbers.  The company, Promise, is backed in part by Google Ventures.  (This info in based on an article in the Wall Street Journal, 10/15/13.)

Questions for discussion:

Is the data likely to be accurate?

What are some of the possible biases?

Who can best benefit from early reporting of the data?

Can this be expanded to other commodities?





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