When inflation rate hit 9-year highs in 2018, it made banner headlines across the Philippines. In fact, inflation ranks among 2018’s biggest stories, accounting for 7.7% of all business and political articles out of the country.
Ironically, for something that affects everyone, inflation is a mystery to many Filipinos.
Through its two-part series, TheNerve team tried to make the concept of inflation more easily understandable to Rappler readers using data. The first part aims to help readers understand how inflation directly affects them as consumers using a calculator that compares the prices of basic goods in the Philippines from 1957 to 2011 with the prices of goods today. It also made use of both social and economic data to put into context the 2018 inflation rate hike. For the second part of the series, meanwhile, TheNerve team conducted surveys to show how Filipino consumers and business owners are coping with the rising prices of goods.
What makes this project innovative?
TheNerve’s inflation project puts the 2018 inflation rate hike into context using data from multiple sources - economic data, social listening, and surveys - and used innovative data visualizations to help readers understand the concept easier (i.e. inflation calculator, topic mapping for news, etc).
What was the impact of your project? How did you measure it?
TheNerve’s inflation series was read widely read on the Rappler website, generating 10,000 pageviews and 5,000 interactions on social media. The inflation calculator was also used more than 5,000 times.
Source and methodology
TheNerve used data from various sources: - Inflation rates and government target from the Philippine Statistics Authority and Bangko Sentral ng Pilipinas - Consumer price index data from the Philippine Statistics Authority - Data on inflation-related conversations from Twitter - Dubai oil prices from the Fiscal Statistics Handbook, Department of Budget and Management - Compensation growth rates from the Philippine Statistics Authority - Reverse repurchase rates from Bangko Sentral ng Pilipinas - Overnight lending rates from Bangko Sentral ng Pilipinas - Average bank lending rates from Bangko Sentral ng Pilipinas - Inflation searches from Google Trends - Survey conducted by TheNerve team
- Social listening tools were used to gather Twitter data. - Natural Language Processing was used to process news data. - Charts made using Flourish and Tableau. - Calculator was built by TheNerve. Computation based on publicly-available data on inflation rates/prices of goods.