Under these circumstances, I expect that the year-on-year rates of change in the indicators of the underlying trend in prices, such as the CPI (all items less fresh food and energy) and the CPI (all items less food and energy), will decelerate somewhat over the next several months.
Moreover, I do not assume that the year-on-year rate of change in the CPI (all items less fresh food) will reach the price stability target of 2 percent by fiscal 2018, the last year of the projection period in the April 2016 Outlook Report.