11  Chart 12  III.
The Bank's Conduct of Monetary Policy  Inflation in Major Economies United States 11  Euro Area  y/y % chg.  11  Japan  y/y % chg.  11  y/y % chg.  10  Energy <7%>  10  Energy <11%>  10  Temporary factors  9  Services <63%>  9  Services <42%>  9  Energy <7%>  8  Goods <30%>  8  Goods <47%>  8  7  CPI <100%>  7  HICP <100%>  7  6  6  6  5  5  5  4  4  4  3  3  3  2  2  2  1  1  1  0  0  0  -1  -1  -1  -2 CY 18  19  20  21  22  -2 CY 18  19  20  21  22  -2 CY 18  Services <50%> Goods <40%> CPI (less fresh food) <100%>  19  20  21  22  Note: Figures for temporary factors for Japan are staff estimates and consist of mobile phone charges and the effects of the consumption tax hike, policies concerning the provision of free education, and the "Go To Travel" campaign, which covers a portion of domestic travel expenses.