Thereafter, the year-on-year rate of increase in the CPI is expected to stay at around 1 percent toward the end of the projection period, due to the underlying inflationary pressure stemming mainly from improvement in the output gap and a rise in medium- to long-term inflation expectations.
This share rises to almost 80 per cent if we also take into account the effects of food prices not relating to energy, but which have also been affected by the conflict in Ukraine.