Thus, my current assessment is that it is difficult for the price stability target to be achieved in a sustainable and stable manner.
Specifically, the year-onyear rate of increase in core CPI is projected to decline to the 1.0-1.5 percent range from fiscal 2023 onward, according to the median of the Policy Board members' forecasts presented in the July 2022 Outlook for Economic Activity and Prices (Outlook Report) (Chart 7).