Private consumption has been more or less flat recently, despite being affected by bad weather conditions such as typhoons (Chart 5). Confidence indicators related to private consumption have been picking up, and such consumption is expected to increase moderately on the back of the continued steady improvement in the employment and income situation.
D. Price Developments Next, I would like to touch on price developments. The year-on-year rate of change in the CPI for all items less fresh food has been slightly negative due to the effects of the decline in energy prices.