In addition, looking at annual price changes in all CPI  2  BIS central bankers’ speeches  items less fresh food, the share of price-increasing items minus the share of price-decreasing items has shown a marked increase since spring 2015, albeit with some fluctuations.
With regard to the outlook, the year-on-year rate of change in the CPI for all items less fresh food is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices, and, as the underlying trend in inflation steadily rises, accelerate toward 2 percent.