The year-on-year rate of change in the consumer price index (CPI) for all items less fresh food, or the core CPI, has recently decelerated, registering minus 0.7 percent for October (Chart 5).
Factors contributing to the decline in the CPI include the past decline in crude oil prices, a downturn in charges for hotels and for package tours to overseas, a deceleration in the rate of increase in prices of food products that are sensitive to economic activity, and a decline in prices of clothing.