However, the pace of increase in prices remains moderate, even in terms of the CPI for all items less food and energy, which is not susceptible to the decline in crude oil prices.
Assuming this situation continues, even if the effects of the decline in crude oil prices dissipate and the output gap improves further, the pace of increase in prices is likely to remain moderate. III. Conduct of monetary policy  At the Monetary Policy Meeting held on October 31, 2014, the Bank decided to expand QQE.