South Korea plans to unveil a new index tracing online retail prices this year by using big data from private sector to reflect actual economic sentiment, according to Statistics Korea on Tuesday.
The state-run agency plans to release an online price index that will complement the consumer price index by the end of this year, the agency reported in its 2016 plan to President Park Geun-hye.
To develop the new indicator, Statistics Korea is currently collecting price data from six major online shopping malls and discount store chains — E-Mart, Homeplus, Lotte Mart, Lotte Supermarket, 11st and Interpark.
“The online price index will be calculated based on the prices of a sample of representative items being sold online,” an official at the agency said.
He added that the index will show the average price change on a daily basis unlike the consumer price index which shows monthly data.