C. Recent Developments and Outlook for Prices Next, I will move on to price developments. The observed year-on-year rate of change in the consumer price index (CPI) for July 2020 was 0.0 percent for all items less fresh food and 0.4 percent for all items less fresh food and energy.
Excluding the effects of the consumption tax hike and the introduction of free preschool education, the figures were minus 0.3 percent and plus 0.2 percent, as shown on the left-hand side of Chart 11.