Leveraging Data Automation for Accurate Consumer Price Index Estimation

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Leveraging Data Automation for Accurate Consumer Price Index Estimation

Problem Statment

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

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.

For a detailed presentation of specific use cases, please write back to us at support@techmobius.com