The rate of increase is expected to stay at around 2 percent for the time being, mainly due to the positive contribution 1  of the rise in energy prices to the CPI, but is projected to decelerate thereafter because the contribution is likely to wane.
Meanwhile, the year-on-year rate of change in the CPI for all items excluding energy, for which prices fluctuate significantly, as well as fresh food has been in the range of 0.5-1.0 percent. Regarding the outlook, it is expected to moderately increase in positive territory on the back of improvement in the output gap and rises in medium- to longterm inflation expectations and wage inflation.