However, the year-on-year rate of change in the CPI that excludes the effects of temporary factors such as mobile phone charges and energy prices has been slightly positive even with the new base year of 2020, although this is an estimate. The right panel of Chart 10 shows developments in the indicators for capturing the underlying trend in the CPI.
The indicators declined moderately in 2020 but have recently improved slightly, remaining at around 0 percent. Let me now turn to the outlook for prices.