The Billion Prices Project (BPP) is a project started by MIT Sloan School of Management professors Alberto Cavallo and Roberto Rigobon, which aggregates price information from multitude of online retailers around the world and gives real time inflation predictions.
BPP monitored daily price fluctuations of ~5 million items sold by ~300 online retailers in more than 70 countries.
Media coverage
Business Insider published an article Is MIT's Billion Prices Project Warning Of A Large Spike Up In The CPI predicting the spike in CPI.
MIT covers in its news "Billion Prices Project: Introducing real-time economics".
References
MIT Billion Prices project Wikipedia(Text) CC BY-SA