6  Chart 7  Consumer Prices 2  y/y % chg.  Introduction of QQE (April 2013) 1  0  -1  CPI (all items less fresh food) CPI (all items less fresh food and energy)  -2 CY10  11  12  Note: Figures are adjusted for changes in the consumption tax rate. Source: Ministry of Internal Affairs and Communications.
13  14  15  16  17  18  7  Chart 8  BOJ's Forecasts of the CPI (April 2018 Outlook Report) 2.5  y/y % chg. Forecast for FY2020 +1.8%  CPI (all items less fresh food)  2.0  1.5  Forecast for FY2019 +1.8% Forecast for FY2018 +1.3% (y/y % chg.)  1.0  0.5  0.0  -0.5  -1.0 FY 12  13  14  15  16  17  18  19  20  Note: Actual figures are adjusted for changes in the consumption tax rate.