Inflation Rate Predictor

Inflation Rate Predictor In Action

Inspiration

I chose to build this project because I would read news articles everyday about how inflation is rising. Whenever I visited grocery stores or any other stores, I would see the prices and feel the impact of those headlines. I thought to myself, that I can't control when and how prices rise, but surely, there must be a way to predict the trend. I thought that maybe judging by the trend, I could better plan out my purchases and my budget. This inspired me to create this AI as it will help me get an idea of how the prices are going to change in the current market.

What it does

This project uses inflation rates on common goods from the past, also called CPI-Common and then predicts the inflation rates for the next quarter. It analyses various factors such as CPI-Median, CPI-Trim etc. and then makes a prediction of the inflation rate in the next quarter.

How I built it

This project was built using various tools. Python's library Pandas was used to prepare the data for the AI . Next, tensorflow module was used to build a Machine Learning model. The current data was sorted into training data, data which would be used to train the AI, and test data, which would be used to test the AI and its accuracy.

Challenges I ran into

Major challenges that I faced was learning how to build machine learning models. Machine Learning and AI are completely new concepts for me and I had to learn these topics from scratch in a very short span of time, which was a challenge. Apart from that, finding and sorting the data from the internet was a challenge as data may readily available but quite often, it needs to be filtered.

Accomplishments that I'm proud of

I managed to build a fairly accurate AI model in under 24 hours and that is something I'm proud of. Having no previous knowledge and making my way through the challenges was a rough yet memorable experience.

What's next for Inflation Rate Predictor

I would say the next primary goal would be to increase the accuracy. It can be made even more accurate and adding a better front-end is also be a goal that I want to achieve.