1 CY 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17  5  Chart 6  Private Consumption Confidence Indicator Related to Private Consumption  Consumption Activity Index 108  s.a., CY 2010＝100  60  s.a.  55  106  50  104  45 102  40  100  35 30  Improved  98 25  96  Consumption Activity Index (travel balance adjusted, real)  94 CY05 06 07 08 09 10 11 12 13 14 15 16 17  20  Worsened  Economy Watchers Survey (household activity) 15 CY 05 06 07 08 09 10 11 12 13 14 15 16 17  Notes: 1.
The Phillips curve is assumed to be upward-sloping; that is, if economic conditions improve and we move to the right along the Phillips curve, the inflation rate will increase.