If households and firms can successfully respond to such developments, this could raise medium- to long-term expected growth rates and thereby further strengthen the virtuous cycle in the economy. B. Price Developments in Japan Next, I would like to talk about price developments in Japan.
The year-on-year rate of increase in the consumer price index (CPI) for all items excluding fresh food has accelerated gradually, reaching 4.0 percent for December 2022 (Chart 6).