Indeed, demographic and economic models suggest that annual growth of trend labour input will fall to about 1 per cent in 2010, and that it will continue to fall to about 0.6 per cent in 2015. Of course, there is always an element of uncertainty involved in forecasting anything, particularly people's behaviour.
And as my outlook for prices, I have stated that the rate of CPI inflation will rise closer to 2 percent toward the end of fiscal 2015. In April 2014, I felt it important to express my outlook more precisely since the projection period was extended by one year through fiscal 2016 – even though there was no fundamental change in my outlook.