Such spreading improvement is suggested by the fact that the year-on-year rate of change in the CPI excluding food and energy has increased to plus 0.7 percent (Chart 2).
As for the outlook, the CPI inflation rate – on the basis of figures excluding the direct effects of the consumption tax hike – is likely to be around 1¼ percent until around this summer, as the underlying upward pressure on prices is likely to strengthen while the positive contribution stemming from the rise in energy prices will decline.