Monitoring inflation at the global level in real time is not straightforward, official price data come with lags and vary in frequency across countries. The Global23 aggregate addresses this by combining NIPI values from 23 economies into a single GDP-weighted indicator. This note explains how it is built: which economies are included, how they are weighted, and what sectors are covered.
The NIPI (News Inflation Pressure Index) is a daily diffusion index, available since 2018, that measures inflation pressures as reflected in news coverage. It classifies inflation-related articles as signaling either upward or downward price pressures, and summarises their balance over a rolling 30-day window. The index fluctuates around 50: values above 50 indicate that inflation news are predominantly tilting upward, while values below 50 suggest downward pressures. Published with a one-day lag, the NIPI provides a more timely signal than official price statistics, which are typically released with significant lag.
Weighting and coverage
The Global23 aggregate is constructed as a GDP-weighted average, giving more weight to the economies that contribute most to global activity.
Weights are derived from nominal GDP data published by the International Monetary Fund: for each included economy, the average annual GDP over 2019–2023 is computed, then normalised so that weights sum to one. Together, the 23 economies covered represent roughly two thirds of world GDP. Global23 is available for the NIPI metric across four sectors: headline, core (excluding food and energy), food and energy.
The weight distribution is dominated by the world's largest economies. China (0.2675) and the United States (0.2391) alone account for more than half the total weight, followed by India (0.1076) and Japan (0.0596). Germany (0.0511) is the largest European contributor, while the remaining economies each carry a weight below 0.04, as shown in the chart below. Because these weights are fixed over time, any movement in Global23 reflects actual shifts in news-based pressures, not a rebalancing of the index.
Chart: The Global23 aggregate, Country Weights
How to access Global23
Global23 data can be accessed through our NIPI visualisation app or the /nipi API endpoint. Below is an example API request:
The sector parameter accepts 'Headline', 'Core', 'Food' or 'Energy'. The location parameter can also be set to any individual country covered in the aggregate. For full endpoint documentation, see the API reference.
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