Looking at annual price changes in all CPI items less fresh food, the share of price-increasing items rose even more for January 2022 from the previous month, exceeding the pre-pandemic level seen around 2019.
In this situation, it is projected in the baseline scenario of the outlook for prices that firms' price-setting stance will gradually become active and the pass-through of raw material cost increases will progress moderately, with continuing improvement in the output gap.