My colleagues and I have worked closely with others—bilaterally and in international forums like the Group of Seven, Group of Twenty, Bank for International Settlements, and Organisation for Economic Co-operation and Development—to monitor and address the effects of the pandemic.
In doing so, the indicator that appropriately assesses price developments depends on each country’s economic structure. The Bank puts emphasis on the core CPI that excludes fresh food, which fluctuates largely due to such factors as the weather. This CPI is used for Policy Board  BIS central bankers’ speeches  7  members’ forecasts in the Outlook Report.