B. Recent Developments and Outlook for Prices Next, I will move on to price developments in Japan. The year-on-year rate of increase in the consumer price index (CPI) for all items less fresh food for July 2018 was 0.8 percent, as shown in the left-hand graph of Chart 6.
However, it should be noted that the contribution of a rise in energy prices to the CPI was significant at 0.5 percentage point, and the rate of increase for all items less fresh food and energy, which directly reflects supply-demand conditions, stood at only 0.3 percent year on year.