Energy consists of petroleum products (gasoline, kerosene, and liquefied propane), electricity, and manufactured and piped gas charges. 2. Figures for the "effects of the consumption tax hikes and free education policies" from April 2020 onward are based on staff estimations and include the effects of measures such as free higher education introduced in April 2020. Source: Ministry of Internal Affairs and Communications.
Chart 4  Outlook for Economic Activity and Prices as of July 2021: Forecasts of the Majority of Policy Board Members y/y % chg.  Real GDP  CPI (all items less fresh food)  Fiscal 2021  +3.5 to +4.0 [+3.8]  +0.3 to +0.6 [+0.6]  Forecasts made in April 2021  +3.6 to +4.4 [+4.0]  0.0 to +0.2 [+0.1]  Fiscal 2022  +2.6 to +2.9 [+2.7]  +0.8 to +1.0 [+0.9]  Forecasts made in April 2021  +2.1 to +2.5 [+2.4]  +0.5 to +0.9 [+0.8]  Fiscal 2023  +1.2 to +1.4 [+1.3]  +0.9 to +1.1 [+1.0]  Forecasts made in April 2021  +1.2 to +1.5 [+1.3]  +0.7 to +1.0 [+1.0]  Notes: 1.