In reality, however, economic activity and prices as a whole could be assessed – even on a quantitative basis – as being mostly in line with the mechanism anticipated by QQE. Having said this, the year-on-year rate of increase in the CPI has slowed to about 0 percent due to the effects of the decline in energy prices.
In order to achieve the price stability target of 2 percent in a stable manner, it is necessary that the CPI inflation rise as inflation  BIS central bankers’ speeches  3  expectations increase further.