(2) Some figures on medium- to long-term inflation expectations (such as those for households and those of some economists) remain leveled off, while others (such as BEI rates, inflation swap rates, those of JGB market participants, and corporate sector expectations related to changes in firms’ own sales prices) declined from around this summer; moreover, due to a decline in actual inflation rates from May this year, medium- to long-term inflation expectations are unlikely to exhibit a rising trend on a sustainable basis (Charts 4–1 and 4–2).
Finally, (3) the lagged impact of a commodity price drop is likely to be reflected in the CPI.