IMF Mission at Geostat

Date: 20 July 2021

From July 12 to July 19, Geostat hosts the International Monetary Fund mission. The main purpose of the meetings held in the online format is to improve the quality of price statistics, in particular, to introduce a modern alternative source of data - scanner data. Scanner data represents the part of the so-called "Big Data"(Big Data) and one of the most topical trends in price statistics. The data used in the calculation of the consumer price index is used by the statistical offices of the EU member states and other developed countries of the world.

Scanner data is the information obtained from retail outlets about products sold in the specific period of time, according to the so-called barcodes. In comparison to the traditional methods of price collection, this type of data is much more accurate, timely and widely covered, and its use will significantly increase the accuracy of the inflation rate. Geostat started working in this direction at the end of 2019, and scanner data gained special relevance during the pandemic period.

During the current mission at Geostat, with the assistance of IMF experts, modern methods of scanner data analysis and processing have been discussed. The trainings for staff of price statistics in the relevant software were conducted as well. In addition, detailed recommendations for the introduction of scanner data were developed as part of the technical assistance mission.