In line with Monzo’s vision to be the financial control centre for your phone, I would love to see Monzo report on your personal inflation rate.
There has been an ongoing debate about whether CPIH, CPI or RPI should be used and I would love if Monzo could calculate this for me.
The proxy inflation measure is broad, but knowing my own personal basket of goods would help me understand the real value of my wealth over time
This is a great ambition. For it to work, though, Monzo would need to know what you are buying, and how much you are buying. At the moment, they only know where you are buying and how much you are spending.
It’s a good idea though, and assuming you buy more or less the same stuff each month you could calculate based on the total spend
The interesting thing is since inflation is calculated as a basket of goods. Milk, eggs, etc
Monzo could work out the averages of those prices in the UK. If you consistently buy from Tesco, they would have the average of milk. If you consitently buy from waitrose would have the average of milk.
I guess the problem to solve is not actually what price you paid, but rather what is included in “your basket”