Today is the 1st day of dashboard week. Today we were tasked to analyse inflation data from the ONS. In the brief that Jenny gave us, she specified that we could bring in additional data sources to further our analysis.
When I saw that we were looking into inflation rates I immediately had a flash back to Uni and studying economics and thought about interest rates. The theory between the two is that as interest rates rise the incentive to save money increases and the incentive to spend money decreases. It is this logic that leads to interest rates being used as a for of monetary policy. The UK Central Bank uses interest rates to manage inflation.
In my analysis I am looking at which category of goods is most responsive to this form of monetary policy and also looking at a category of goods that is not responsive to changes in interest rates. It is clear that inflation is a very hot topic at the minute so I hope to further the understanding around the topic.
Overall I think I did okay with my timings today, this blog is currently being typed at 15:24 when we are presenting at 15:30 so maybe that's not totally accurate, but I was happy with the time I allowed myself to plan for the dashboard and I'm really happy I took my time on the data discovery that I did for today as this allowed me to really understand the data that io was working with and meant I could hit the ground running when it came to data prep and the actual dashboarding part of today.
Here is a link to the viz that I produced today if you would like to check it out. I'd love to hear feedback on it. https://public.tableau.com/app/profile/alexrwood/viz/Whichcategoryofgoodsisthemostresponsivetochangesininterestrates/WhichCategoryIsMostPriceInelasticToChangesInInterestRates?publish=yes