Leveraging Data Automation for Accurate Consumer Price Index Estimation

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Leveraging Data Automation for Accurate Consumer Price Index Estimation

Web Data Automation for Finance Case Study

Problem Statement

The UK Statistics Authority’s executive office, responsible for generating accurate consumer price indices (CPI), required structured web-scraped data from various UK retailers. The CPI, a crucial indicator of the UK economy’s performance, demanded precise data extraction for government, business, and societal decision-making.

Our solution

To address the complexities of data extraction for accurate CPI estimation, advanced automation techniques were implemented:

Script Development: Developed scripts in Perl, Python, and Selenium for web scraping, ensuring efficient data extraction from multiple UK retailers.
End-to-end Automation Workflow: Enabled a fully automated workflow, handling millions of daily data entries, and implemented a normalized database structure for efficient storage.
Challenges Overcome: Addressed challenges such as non-English sources, keyword tags, and database slowness through specialized handling techniques and automated processes
Monitoring and Validation: Introduced automated alerts and reports to monitor the crawling process, ensuring data completeness, accuracy, and timely extraction.

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Benefits

The implemented solution resulted in significant benefits, with notable facts:

High Data Volume: Over 1.5 million data entries aggregated daily for almost two years, ensuring comprehensive coverage and up-to-date insights.
Accuracy Rate: Achieved a remarkable 97% accuracy in data extraction, enhancing the reliability of consumer price indices for decision-makers.
Real-time Monitoring: Automated alerts and reports provided real-time insights, enabling proactive actions to maintain data accuracy and completeness.