As I mentioned earlier, firms' cautious wage- and price-setting stance, as well as households' cautiousness toward price rises, have shifted gradually but have not yet clearly changed. Firms have continued to make efforts to absorb upward pressure of costs on prices by increasing labor-saving investment and streamlining their business process.
In addition, the progress in the labor force participation by women and seniors, which is desirable in terms of strengthening the growth potential of the economy as a whole, is another reason why it is taking time for prices to rise. Although it is taking time, the inflation rate is expected to increase gradually going forward.