Key Takeaways
- Truflation’s Big Mac Index now covers 17 countries.
- The index provides real-time CPI updates, enhancing global economic analysis.
Truflation is now offering its Big Mac Index in 17 countries worldwide, the company shared Thursday. Initially available in the US and UK, the index has expanded to include Argentina, Australia, Brazil, Canada, Switzerland, Hong Kong, India, Japan, Turkey, South Africa, Mexico, Germany, Italy, France, and Spain.
Founded in 2021, Truflation is a decentralized service that tracks real-time financial data using blockchain technology and a network of over 10 million data points. It aims to provide an unbiased, accurate, and transparent measure of inflation compared to traditional indices like the Consumer Price Index (CPI).
One of the indexes Truflation publishes is its own version of the Big Mac Index. This is a price index that uses the price of a McDonald’s Big Mac to measure the purchasing power of different currencies, giving a sense of how exchange rates affect the cost of goods across countries.
Truflation said its Big Mac Index is updated daily based on its CPI, offering insights into inflation, income disparities, consumer confidence, supply chain dynamics, and cultural trends.
Stefan Rust, CEO of Truflation, said the expansion of the firm’s Big Mac Index “is another step to further democratize finance,” making it accessible to all.
Earlier this week, the firm announced the launch of an independent inflation calculator and tracker specifically for Argentina. Alongside the inflation tracker, Truflation also released a personal inflation calculator for Argentina.
The development of these tools was done in collaboration with the Argentinian government, ensuring data accuracy and transparency. However, Truflation claims their tools are maintained independently to prevent data manipulation, which is essential for restoring public trust in inflation statistics.
Source: https://cryptobriefing.com/big-mac-index-expansion/