The Bank's Conduct of Monetary Policy  Financial and Economic Developments after the Introduction of QQE (3) Base Pay Increase and Scheduled Cash Earnings 5  Consumer Prices Index (CPI)  y/y % chg. 3  y/y % chg.  Base pay increase 4  CPI (less fresh food and energy) 2  Scheduled cash earnings (full-time employees) Hourly scheduled cash earnings (part-time employees)  3  1  2  0  1  -1  0  -2  -1 FY 90  95  00  05  10  CPI (less fresh food)  15  -3 CY 07  20  09  11  13  15  17  19  Notes: 1.
In the left-hand chart, figures for scheduled cash earnings from 2016/Q1 onward are based on continuing observations following the sample revisions of the "Monthly Labour Survey." 2. In the right-hand chart, the CPI figures exclude the effects of the consumption tax hikes, policies concerning the provision of free education, and the "Go To Travel" campaign, which covers a portion of domestic travel expenses.