On a basis excluding food and energy, the rate of increase in the CPI had been slowing marginally, mainly reflecting the weakness in consumption during the summer of 2014, but for December, it is unchanged from the previous month. 2. Outlook  Japan’s economy is expected to continue its moderate recovery trend.
On the price front, the year-on-year rate of increase in the CPI is likely to slow for the time being, reflecting the decline in energy prices.