4  BIS central bankers’ speeches  D.  Underlying trend in inflation  The year-on-year rate of increase in the CPI is projected to be about 0 percent for the time being, with negative contributions of energy-related items offsetting positive contributions of other items.
However, as I have explained, the underlying trend in inflation is likely to rise steadily, and the inflation rate is projected to accelerate toward the target level of 2 percent as the effects of the decline in crude oil prices dissipate.