That said, the rate of change in the CPI for all items excluding fresh food and energy was only 0.8 percent, suggesting that price rises are not necessarily evident for a wide range of items, with the exception of energy.
The Bank projects that the rate of increase in the CPI for all items excluding fresh food will be 1.9 percent for fiscal 2022 but will decelerate to 1.1 percent for fiscal 2023, when the positive contribution of the rise in energy prices to the CPI is likely to dissipate.