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TitleHow To: Data Buffet - Apply inflation adjustment
AuthorPhillip Thorne
Question

Is there a tool to convert figures between nominal and real terms, that is, to apply an inflation adjustment?

Answer

Data Buffet has integrated controls to convert frequencies and to perform analytic transformations.  (They are available in the View, Basket, Chart and Map modules).  At this time, there is no comparable mechanism to apply inflation adjustments.

However, many of our datasets include parallel series in nominal and real terms.

Some of our national accounts datasets include deflator series.  There are also CPI, PPI and WPI series that may be applied.

The mathematics of inflation adjustment are complicated and beyond the scope of this article.  It is a topic of active economic research, with several alternative methods, and there are always tradeoffs.  Please use such data with caution, and be especially careful when performing your own adjustments to pick appropriate and compatible series.