The year-on-year rate of change in the consumer price index (CPI, all items less fresh food), which was minus 0.5 percent just before the introduction of QQE, increased to as high as 1.5 percent in April 2014, excluding the effects of the consumption tax hike.
However, reflecting the substantial decline in crude oil prices since the summer of 2014, annual CPI inflation declined and has been about 0 percent in recent months (Chart 4). Nevertheless, once the effect of the decline in energy prices is excluded, the underlying trend in inflation has steadily improved.