Against this backdrop, price hikes by firms have been widespread and sustained. Inflation expectations therefore appear to be rising on the whole from a somewhat longerterm perspective and it can be assessed that conversion of the deflationary mindset has been progressing steadily thus far.
2  BIS central bankers’ speeches  I have just explained the recent developments and outlook for the underlying trend in inflation. I would now like to give an overview of the Bank’s projections for the CPI (all items less fresh food) in the January 2016 Outlook Report (Chart 3).