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Triple-Filter core inflation: a measure of the inflation trajectory

Pedro Costa Ferreira, Daiane Marcolino de Mattos, Vagner Laerte Ardeo

Resumo


In countries with high inflation, as is the case of Brazil, the traditional cores inflation do not seem to deliver much information about the general level of prices. Therefore, we present a new measure, the Triple-Filter core inflation, which filters inflation in three ways: trimmed mean with smoothed items, seasonal adjustment and moving averages. The results allow us to say that the Triple-Filter core inflation, in addition to providing more information about the inflation trajectory than traditional core inflation, provides a more up-to-date view on the state of inflation than the accumulated inflation over 12 months.


Palavras-chave


CPI, core inflation, smoothed trimmed mean, moving average, seasonal adjustment

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ISSN 0034-7140 (print) ISSN 1806-9134 (online)