Chart 6  Forecasts of the Majority of Policy Board Members Outlook for Economic Activity and Prices (July 2018) y/y % chg.  Real GDP  CPI (all items less fresh food)  +1.3 to +1.5  +1.0 to +1.2  [+1.5]  [+1.1]  +1.4 to +1.7  +1.2 to +1.3  [+1.6]  [+1.3]  +0.7 to +0.9  +1.3 to +1.6  [+0.8]  [+1.5]  +0.7 to +0.9  +1.5 to +1.8  [+0.8]  [+1.8]  +0.6 to +0.9  +1.4 to +1.6  [+0.8]  [+1.6]  +0.6 to +1.0  +1.5 to +1.8  [+0.8]  [+1.8]  Fiscal 2018 Forecasts made in April 2018 Fiscal 2019 Forecasts made in April 2018 Fiscal 2020 Forecasts made in April 2018  Source: Outlook for Economic Activity and Prices, Bank of Japan.
Notes: Figures for the CPI (all items less fresh food) exclude the direct effects of the consumption tax hike. Figures in brackets indicate the medians of the Policy Board members' forecasts (point estimates). Chart 7  CPI s.a., y/y % chg.  All items less fresh food and energy  All items less fresh food CY Source: Ministry of Internal Affairs and Communications.