What is it about?
It is important to consider web scraped product prices in the calculation of the inflation (consumer price index - CPI) because more consumers tend to shop online. This paper shows an aggregation of web scraped daily prices and its application for calculating CPI in the Slovak market.
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Why is it important?
To reflect an economic activity of online shoping in the CPI, national statistical institutes need to incorporate online prices of products within the calculation. It is improtant to consider and select the most suitable price index to reflect the price dynamics of particular products.
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This page is a summary of: Web scraped data in consumer price indices, Statistical Journal of the IAOS, March 2023, IOS Press, DOI: 10.3233/sji-220115.
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