According to the Bank's January 2017 Outlook for Economic Activity and Prices (hereafter the Outlook 2  Report), the medians of the Policy Board members' forecasts for the economic growth rate are 1.4 percent for fiscal 2016, 1.5 percent for fiscal 2017, and 1.1 percent for fiscal 2018, and the economy is expected to continue growing at a pace above its potential through the projection period of fiscal 2016-2018.1 2.
Prices Next, I will talk about price developments. The year-on-year rate of change in the consumer price index (CPI) for all items less fresh food has increased, reflecting a rise in energy prices, and has been about 0 percent.