Price Developments Now I will move on to price developments. The year-on-year rate of change in the consumer price index (CPI) has continued to show relatively weak developments compared to the economic expansion and the labor market tightening, and that excluding fresh food and energy prices has been at around 0.5 percent (Chart 7).
This is likely to be attributable to two main factors (Chart 8). First, the experience of prolonged low growth and deflation has had a substantial impact on people's sentiment (Chart 9).