Inflation Forecasting for Financial Planning

There isn't a standard way of forecasting inflation in the industry. In the risk-modeling world, the models have to be submitted to a regulatory body to receive the approval for using an advanced modeling approach for credit risk. This has somehow ensured that, across the world, analysts and modelers are using a similar suite of statistical techniques to manage risk. However, in the case of inflation, there isn't much exchange of ideas or a platform available from where we can choose the best modeling technique. Usually, the central bank publishes some inflation figures and these can be used as a benchmark for inflation-forecasting accuracy checks. Most of the models built by organizations are proprietary in nature. Moreover, these organizations are chiefly concerned about benchmarking a model to the central bank inflation...