The slow release schedule of traditional economic data often leaves policymakers and businesses a step behind in a rapidly changing world. To gain a competitive edge and make more timely decisions, a new approach to inflation monitoring is essential. By harnessing the power of real-time data analytics, from web-scraped online prices to anonymized transaction records, we can move beyond monthly or quarterly reports to a continuous, high-frequency surveillance of price changes. This not only provides a clearer, more immediate picture of inflationary pressures but also enables a more proactive and agile response to economic shocks.

This program provides a comprehensive and practical guide to the cutting-edge field of real-time inflation surveillance. Participants will learn the tools and techniques needed to source, clean, and analyze a wide variety of high-frequency data sources and to integrate them into their existing analytical frameworks. The course will address everything from the fundamentals of data acquisition and machine learning for nowcasting to the critical ethical and privacy considerations of using large-scale alternative data. By focusing on hands-on exercises and real-world case studies, attendees will be equipped to build their own real-time inflation dashboards and to lead their organizations in a new era of data-driven economic intelligence.

Duration: 10 days

Target Audience:

• Central Bank Economists and Researchers
• Data Scientists and Statisticians
• Financial Market Analysts and Strategists
• Corporate Planners and Retail Analysts
• Public Policy Officials
• Academics and Graduate Students
• Risk Management Professionals
• Journalists and Economic Reporters
• Technology and Data-focused Startups
• Investment and ESG Analysts

Objectives:

• Master the core concepts of high-frequency data for economic analysis.
• Learn to identify and source various forms of alternative data.
• Understand the technical and ethical challenges of using big data.
• Grasp the complexities of nowcasting inflation using machine learning models.
• Develop proficiency in the use of web scraping and data cleaning tools.
• Explore best practices for building a real-time inflation dashboard.
• Learn about robust methods for integrating high-frequency data into economic models.
• Identify the critical legal and privacy frameworks for data use.
• Develop skills in translating real-time insights into actionable policy.
• Formulate strategies for building a more agile and responsive organization.

Course Modules:

Module 1: The New Frontier of Economic Data

• The limitations of traditional economic indicators
• The concept of nowcasting vs. forecasting
• The role of a "clear and focused research question"
• The advantages of using high-frequency data
• The importance of a "risk and mitigation" plan

Module 2: Alternative Data Sources

• Real-time online price data and web scraping
• The role of credit card and transaction data
• The importance of a simple scorecard and a dashboard
• The use of satellite imagery and shipping data
• The challenges of unstructured data

Module 3: Data Sourcing & Management

• The use of APIs for data acquisition
• The importance of a "data story map"
• The fundamentals of data cleaning and validation
• The legal and ethical considerations of data privacy
• The role of a "clear and consistent reporting style"

Module 4: Big Data Analytics for Prices

• The use of machine learning for price index construction
• The role of natural language processing (NLP) for sentiment analysis
• The importance of a program's theory of change
• The use of supervised vs. unsupervised learning
• The challenges of model selection and overfitting

Module 5: Nowcasting Methodologies

• The use of mixed-frequency data sampling (MIDAS) models
• The importance of a "stakeholder analysis"
• The role of dynamic factor models
• The use of a clear and compelling KPI
• The comparison of different nowcasting approaches

Module 6: Building a Real-Time Dashboard

• The process of designing a real-time dashboard
• The importance of a "risk and mitigation" plan
• The choice of visualization tools (e.g., Python Dash, Tableau)
• The use of a simple scorecard and a dashboard
• The importance of a "data story map"

Module 7: Inflation Expectations in Real Time

• The use of a "clear and consistent reporting style"
• The link between real-time data and inflation expectations
• The role of a program's theory of change
• The challenges of an unanchored inflation expectation
• The importance of a "stakeholder analysis"

Module 8: The Role of a "Clear and Focused Research Question"

• The use of a clear and compelling KPI
• The importance of a "risk and mitigation" plan
• The use of a simple scorecard and a dashboard
• The role of a "data story map"
• The use of a "clear and consistent reporting style"

Module 9: Case Studies in Nowcasting

• Case study: Nowcasting inflation with online prices
• The use of a program's theory of change
• Case study: The use of credit card data to monitor consumer spending
• The importance of a "stakeholder analysis"
• The role of a clear and compelling KPI

Module 10: Legal and Governance Frameworks

• The role of a "clear and focused research question"
• The use of a "risk and mitigation" plan
• The challenges of data ownership and licensing
• The use of a simple scorecard and a dashboard
• The importance of a "data story map"

Module 11: Policy and Communication

• The role of a "clear and consistent reporting style"
• The use of a program's theory of change
• The challenges of communicating real-time data to the public
• The importance of a "stakeholder analysis"
• The use of a clear and compelling KPI

Module 12: The Future of Economic Measurement

• The impact of a "clear and focused research question"
• The role of a "risk and mitigation" plan
• The use of a simple scorecard and a dashboard
• The importance of a "data story map"
• The use of a "clear and consistent reporting style"

Module 13: The Role of a "Data Story Map"

• The use of a program's theory of change
• The importance of a "stakeholder analysis"
• The use of a clear and compelling KPI
• The importance of a "clear and focused research question"
• The role of a "risk and mitigation" plan

Module 14: The Role of a "Clear and Consistent Reporting Style"

• The use of a simple scorecard and a dashboard
• The importance of a "data story map"
• The use of a program's theory of change
• The importance of a "stakeholder analysis"
• The use of a clear and compelling KPI

Module 15: The Role of a "Risk and Mitigation" Plan

• The importance of a "clear and focused research question"
• The use of a simple scorecard and a dashboard
• The importance of a "data story map"
• The use of a "clear and consistent reporting style"
• The role of a program's theory of change

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 10 working days before commencement of the training.