With the consumption tax hike next month, it is estimated that the year-on-year rate of change in the CPI excluding fresh food will be pushed upward on the surface by about 2 percent during fiscal 2014, but that this will disappear in fiscal 2015.
As a specific example, let us look at developments that occurred in the year-on-year rate of change in the CPI when the consumption tax was raised in April 1997 to 5 percent from 3 percent.