With the global economy recovering from the depression triggered by the impact of COVID-19, international commodity prices have risen recently. Attention should be paid to future developments in these prices and their impact on Japan's economy. The Bank will continue to closely examine developments in economic activity at home and abroad. 3  Price Developments Next, let me talk about price developments (Chart 5).
The year-on-year rate of change in the consumer price index (CPI) excluding fresh food dropped to minus 1 percent last December, mainly reflecting a decline in energy prices and the effects of the "Go To Travel" campaign on price indices.