The year-on-year rate of increase in the consumer price index (CPI, for all items less fresh food, and the same hereafter) has been around 1–1/4 percent for three consecutive months through January 2014 – the first time since November 2008 that it has exceeded 1.0 percent.
On a basis excluding food and energy, it has also registered high growth of 0.7 percent – the highest level since August 1998 – for two consecutive months through January 2014. Regarding the outlook, the yearon-year rate of increase in the CPI, excluding the direct effects of the consumption tax hike, is likely to be around 1–1/4 percent for some time.