I think that this stance by firms is also constraining a rise in households' medium- to long-term expectations for income growth, or in other words, a rise in growth expectations for permanent income. Moreover, it is possible that sluggishness in the outlook for the rate of increase in real income would constrain private consumption, thereby exerting downward pressure on prices.
Taking these factors into consideration, I personally believe that the underlying trend in inflation is likely to maintain a relatively stable level without declining substantially for the time being, albeit growing at a reduced pace.