An index to measure the average price of goods and services. The index is used as base data for fiscal and financial policies of the government and as a deflator of major economic indicators such as household economic index and national income accounts.
Representative Items: 460 consumer items purchased by households for their daily living
Surveyed cities: 38 major cities nationwide
Subjects: Approximately 25,000 stores of retailers and service providers; approximately 10,800 tenant households
Survey Unit and Target Population Size
Survey unit: businesses (stores of retailors and service providers), households (rent)
Target population size: Approximately 25,000 stores of retailers and service providers; approximately 10,800 tenant households
Survey Reference Period and Date
Agricultural, fishery and livestock products, oils: 3 times a month (weekdays in the first, middle, last part of each month); industrial products: once a month (middle part of a month)
Electricity, water, gas: once a month (last part of a month); service: once a month (last part of a month), rent: once a month (first part of a month)
1936: The first Consumer Price Survey was compiled by Gyeongseong Chamber of Commerce and Industry
Aug. 1945: The Bank of Joseon, the predecessor of the Bank of Korea compiled the Survey.
1947: Based on the prices of both 1936 and August 1945, the Seoul Retail Price Index was compiled and released.
April 1949: Weights by item were introduced for the first time.
1955: Service charges included in the Index .
1965: The National Bureau of Statistics, Economic Planning Board started to compile the Consumer Price Index of all the Cities instead of the Bank of Korea.
Dec. 1990: The National Bureau of Statistics, Economic Planning Board was upgraded to the Statistics Korea, an organization to compile and release the Consumer Price Index.
1992: From the Index in 1990, the Consumer Price Index was produced and released in 4 special categories as well as 3 basic categories.
1997: From the Index in 1995, the Index included owner-occupied housing as a supplementary index.
Feb. 2000: CPI excluding agricultural products and oils was compiled.
Dec. 2006: The basic classification standard restructured to COICOP, an international classification standard, in the index in 2005; 489 items were covered in the survey.
Nov. 2011: The basic classification system for 2010 base index restructured based on Korea COICOP; electricity, water, gas classified separately under Classification by Commodities & Services; Weight population expanded from urban households of one or more to nationwide households of one or more (excluding agricultural and fishery households); index compiled excluding food and energy (OECD method); 481 items were covered in the survey.
Dec. 2013: To better reflect the reality, the CPI adopted shortened weight revision cycle (2~3 years).
Dec. 2016: Announced the index with the base year of 2015 by revising survey items and weights (2015 = 100)
Method of Publication and URL
Press releases, KOSIS data
Monthly Consumer Price Index, Annual Report on the CPI