In fact, the year-on-year rate of change in the import price index has turned negative recently.
It is expected that, after running below 2 percent, the rate of increase in the CPI will accelerate again moderately, albeit with fluctuations, as the output gap improves and as medium- to long-term inflation expectations and wage growth rise, accompanied by changes in factors such as firms' price- and wage-setting behavior. However, the uncertainties surrounding this outlook are extremely high.