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UNECE/ILO Meeting on Consumer Price Index Reflection consumers’ e-commerce change on the CPI Kyunghee Kim, Statistics Korea (KOSTAT) Contents Korean CPI outline Internet development in Korea E-commerce in Korean CPI Conclusion I. Korean CPI outline Usage Inflation measurement

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slide1

UNECE/ILO Meeting on Consumer Price Index

Reflection consumers’ e-commerce change on the CPI

Kyunghee Kim, Statistics Korea (KOSTAT)

slide2

Contents

  • Korean CPI outline
  • Internet development in Korea
  • E-commerce in Korean CPI
  • Conclusion
i korean cpi outline
I. Korean CPI outline
  • Usage
    • Inflation measurement
    • Expenditure deflation at current prices or income
    • Indexation of social security benefit
      • Pension, compensation, reparation
i korean cpi outline4
I. Korean CPI outline
  • Scope
  • Households
    • Exclude households whose primary activity is farming or fishing
  • Geographical area
    • 7 metropolitan area and 31 large cities
  • Outlets
    • The PDS collects prices of an item in 150 local stores.
i korean cpi outline5
I. Korean CPI outline
  • Items and Weight
  • Items and weights are derived from the Household Income and Expenditure Survey (the HIES) conducted in 9000 households
  • Revision in every 5 years ending 0 or 5
    • Items, weight, and cities are changed
    • The PSD prepares 2010 revision
i korean cpi outline6
I. Korean CPI outline
  • Price Collection
  • Conduct regularly every month
  • Agricultural product, gasoline, golden ring
    • Three times a month
  • Manufactured goods and services
    • Once a month
ii internet development in korea
II. Internet development in Korea
  • 8 out of 10 households access the Internet
  • 6 out of 10 persons experience the Internet shopping
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III. E-commerce in Korean CPI

  • For 19 items, the PSD has collected prices through the Internet shopping malls and produces the CPI since 2005.
  • The PSD prepares the revision of 2010 rebase
  • Three criteria for e-commerce’s items
    • Transaction percent
    • Survey availability
    • Different price trend
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III. E-commerce in Korean CPI

  • Transaction values
    • E-commerce and cyber shopping survey
    • Ad hoc survey in the HIES households
    • Items : Households appliances, Cosmetic, Books, Computers and other appliances
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III. E-commerce in Korean CPI

  • Survey Availability
    • Items and Internet shopping malls
    • Each product has its own popular shopping malls
    • Pretest for 6 months and check survey availability
slide12

III. E-commerce in Korean CPI

  • Different price trend
    • T-test of the means and variance between the prices of the Internet shopping malls and local stores
    • Exclusion items which have the same trend
slide13

III. E-commerce in Korean CPI

  • Weight
    • Households Income and Expenditure Survey could not provide information the goods are purchased by the on-line or off-line
    • The PSD computes the weights of items for e-commerce by Wholesale and retail trade survey and E-commerce and cyber shopping survey
slide14

(Unit : billion won)

A : Wholesale and retail trade survey

B : E-commerce and cyber shopping survey

slide15

III. E-commerce in Korean CPI

  • Index
    • The PSD weights the two relative prices to produce the item index
      • Internet shopping malls & local stores
    • Refrigerator index
      • Internet shopping : 120.5
      • Local stores : 130.4
      • 130.4 =120.5*0.135 + 130.4*0.875
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IV. Conclusion

  • Finalize the items and weights for e-commerce in December 2010
  • E-commerce’s impact on the CPI will be increased in 2010 rebase because of more items and weights
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Thank you for your attention

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