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Scanner big data has potential to construct Consumer Price Index (CPI). Thestudy introduces a new weighted price index called S-FCPIw, which isconstructed using scanner big data from retail sales in China. We address thelimitations of China's CPI especially for its high cost and untimely release,and demonstrate the reliability of S-FCPIw by comparing it with existing priceindices. S-FCPIw can not only reflect the changes of goods prices in higherfrequency and richer dimension, and the analysis results show that S-FCPIw hasa significant and strong relationship with CPI and Food CPI. The findingssuggest that scanner big data can supplement traditional CPI calculations inChina and provide new insights into macroeconomic trends and inflationprediction. We have made S-FCPIw publicly available and update it on a weeklybasis to facilitate further study in this field.

A New Weighted Food CPI from Scanner Big Data in China