First, I will describe the contribution of energy prices. Crude oil prices were over 100 dollars per barrel up until mid-2014 but then declined substantially, temporarily falling to about 40 dollars per barrel, which accounts for the decline in prices of more than 60 percent.
The decline in crude oil prices will lead to pushing down various energy prices, including gasoline and electricity charges, with some time lag. The negative contribution to the CPI will be largest this summer, pushing down the year-on-year rate of increase in the CPI by about 1 percentage point.