On the other hand, services prices, which mainly make up the sticky CPI, are seeing only marginal increases (Chart 9).
With respect to inflation expectations -- a major factor influencing the sticky CPI -- the Bank's Tankan (Short-Term Economic Survey of Enterprises in Japan) shows that, while firms' inflation outlook for one year ahead -- or that for the short term -- in particular has recently risen, increases in the outlooks for three years ahead and five years ahead -- or those for the medium to long term -- have been relatively moderate (Chart 10).