National Data Agency to Reflect Smartwatches and Music Streaming Services in the Consumer Price Index

The National Data Agency announced that it plans to newly include smartwatches and music streaming services in the Consumer Price Index (CPI) item composition. The aim is to adjust the price index to better reflect reality by incorporating recent changes in consumption patterns. An Hyungjoon, head of the National Data Agency, explained this policy at a performance report meeting in the national data and statistics sector held on the 1st at the Government Sejong Complex. The agency is also revising the items and weights in line with International Labour Organization (ILO) standards, and it plans to release the revised index in January next year. The current Consumer Price Index is calculated based on the prices of 458 items, including food, clothing, housing, and transportation. By the end of this year, the agency also plans to disclose convergence data related to senior citizens, deceased persons, and homeowners to increase its usefulness for policy purposes.