On the price front, the year-on-year rate of change in the consumer price index (CPI) has been positive but has continued to show relatively weak developments compared to the economic expansion and tight labor market conditions.
With regard to the outlook, although the year-onyear rate of change in the CPI is expected to be affected by such factors as the decline in crude oil prices for the time being, medium- to long-term inflation expectations are projected to rise with the output gap remaining positive.