Recently, as people's sentiment improved due to a recovery in the market environment, consumption has somewhat increased its resilience. The underlying trend in prices is presumed to sensitively reflect the consumption trend, so I am looking forward to a change in the underlying trend in prices, which has remained weak since 2016, in the January-March quarter of 2017 at the earliest.
The year-on-year increase in the CPI including energy (all items less fresh food) is expected to pick up further in line with developments in the underlying trend in prices, as the negative contribution of energy prices is likely to dissipate in the January-March quarter and gradually rise to positive territory.