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Outlier detection methodologies for alternative data sources: International review of current practices

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Listed:
  • Janine Boshoff
  • Xuxin Mao
  • Garry Young

Abstract

The construction of consumer price indexes (CPI) has historically relied on manually and centrally collected price data. As point of sale (POS) scanner data and web-scraped data become more accessible, these alternative data represent a rich new source of information to produce consumer price information. While outlier detection methodologies are well established for traditional data sources, more research is required to better understand the unique quality and format of the alternative data. Several national statistical institutions (NSIs) have already started to conduct research into alternative data source and the outlier detection methodologies that are necessary before these data can be incorporated into CPI calculations. This project reviews the outlier detection methodologies adopted by NSIs that have started to incorporate alternative data sources in their calculation of CPI.

Suggested Citation

  • Janine Boshoff & Xuxin Mao & Garry Young, 2020. "Outlier detection methodologies for alternative data sources: International review of current practices," National Institute of Economic and Social Research (NIESR) Discussion Papers 523, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:523
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    References listed on IDEAS

    as
    1. Diewert, W. Erwin & Fox, Kevin J. & de Haan, Jan, 2016. "A newly identified source of potential CPI bias: Weekly versus monthly unit value price indexes," Economics Letters, Elsevier, vol. 141(C), pages 169-172.
    2. Jan de Haan & Rens Hendriks & Michael Scholz, 2016. "A Comparison of Weighted Time-Product Dummy and Time Dummy Hedonic Indexes," Graz Economics Papers 2016-13, University of Graz, Department of Economics.
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    More about this item

    Keywords

    consumer price index; multilateral indices; outlier detection; scanner data; webscraped data;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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