IDEAS FOR CAMDEN
REAL-TIME INFLATION DATA
alt.data
What is it?
A data scraping tool that offers real-time insight into localised fluctuations in the price of goods and services.
Why is it useful?
It’s difficult to predict the impact of inflation arising from economic uncertainty, particularly price increases resulting from Brexit. It’s therefore hard for local governments to assess risks to the local community and prepare mitigation strategies.
Data scraping tools have been successfully implemented in Argentina and Venezuela to create local price indices. How can we use these capabilities to show local prices across Camden and provide local government with the evidence they need to fund risk mitigation projects, to help vulnerable communities.
Data scraping tools have been successfully implemented in Argentina and Venezuela to create local price indices. How can we use these capabilities to show local prices across Camden and provide local government with the evidence they need to fund risk mitigation projects, to help vulnerable communities.
Who needs to be involved?
- Camden Council
- Local businesses
- Data scraping technology experts
- Camden residents
- Data analytics & data platform providers
Where do we start?
- Work with Camden Council and Camden residents to understand the extent to which inflation is a real risk and define the tools needed to mitigate the risk.
- Co-design a 'paper prototype' pricing data scraping tool.
- Test prototype with Council, businesses and residents to determine use cases and refine.
- Design and develop a digital prototype for the data scraping tool and data visualisation.
- Work with local government to trial prototype and identify how it might inform their risk mitigation strategy.
Some Thoughts…
- How are the prices verified and who should have access to the data, how should it be licenced?
- Could this lead to the redirection of funding from communities deemed “not at risk”?
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