South Korea Consumer Price Index (CPI): Local Source Base Year: Food and Non-Alcoholic Beverages

South Korea Consumer Price Index (CPI): Local Source Base Year: Food and Non-Alcoholic Beverages data was reported at 121.070 2020=100 in Dec 2023. This records an increase from the previous number of 120.097 2020=100 for Sep 2023. South Korea Consumer Price Index (CPI): Local Source Base Year: Food and Non-Alcoholic Beverages data is updated quarterly, averaging 59.518 2020=100 from Mar 1985 (Median) to Dec 2023, with 156 observations. The data reached an all-time high of 121.070 2020=100 in Dec 2023 and a record low of 20.467 2020=100 in Mar 1985. South Korea Consumer Price Index (CPI): Local Source Base Year: Food and Non-Alcoholic Beverages data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Korea – Table KR.OECD.MEI: Consumer Price Index: COICOP 1999: OECD Member: Quarterly. The Consumer price index is produced by collecting the prices of goods and services and its result is used as basic data for government financial policies and as deflator of other economic indices, such as Household Income & Expenditure and National Account. Type of prices: Actual transaction prices exclude abnormal prices such as temporarily irregular prices caused by disaster or similar conditions, discounts due to volume transactions, goods sold on an installment basis and second-hand articles. Tax: Sales taxes are included. Method of collection: Most collection is done by personal visit and some are collected centrally for items such as electric charges, whose prices are the same throughout the country. Rents are collected from households as part of the LFS (Labor Force Survey). Treatment of rentals for housing: the index includes a measure of rentals for housing. Treatment of Owner-occupied housing: It is not included in the CPI main index but it is provided as a complementary index. Treatment of missing prices: When a price observation is temporarily unavailable in a given month, its price is imputed by the price movements of similar products of the same item in the same geographic area. Treatment of quality changes: For minor quality differences (such as changes in packaging, style,...) a direct adjustment for the price difference is applied. For significant quality differences, the splicing (overlap) method is used. Introduction of new products: New items are introduced at the time weights are updated. it means once every five years. Selection of replacement items: When a specific variety is permanently unavailable in an outlet, another product in the same outlet that most closely meets the specifications of the previous variety is selected as a replacement. Treatment of seasonal items: For items such as fresh fish, fruit, and vegetables that are not available on the market during the off-season, the last available prices are used to calculate the index until new prices are available.; Index series starts in January 1970

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