Overview of inflation expectations in Japan  A. Underlying price developments  Earlier, I mentioned that the Bank regards underlying price developments as having remained unchanged despite a fall in actual inflation rate. Here, I will first explain more clearly what the Bank means by underlying price developments.
Over the last three decades, U.S. consumer spending grew substantially faster than national income, driving the ratio of consumption to GDP from 62 per cent to a record 70 per cent (Chart 2).