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Matthias Knab, Opalesque for New Managers:

The Bank for International Settlements (BIS) is pioneering a new approach to inflation forecasting by leveraging generative AI to process massive amounts of price data.

Project Spectrum, a collaborative initiative between the BIS Innovation Hub Eurosystem Centre, the European Central Bank, and the Deutsche Bundesbank, aims to revolutionize how we process and analyze consumer price data for more accurate inflation predictions.

• Utilizes state-of-the-art Large Language Models (LLMs)
• Processes billions of individual product descriptions
• Automates categorization of price observations
• Maps data to UN's COICOP standards
• Incorporates multi-lingual capabilities

The project builds upon:

• European Central Bank's Daily Price Dataset
• AI learnings from Project Gaia
• Advanced LLM technology

While initially focused on European data, Project Spectrum's potential extends globally:

• Training data includes global retail chains
• Covers multiple European languages
• Findings can be extrapolated to languages outside the training set
• Methodol......................

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