Since services consumption has been constrained due to people's vigilance against COVID-19, it will not increase even with price cuts. In addition, cost increases stemming from various preventive measures against COVID-19 have made it difficult for firms to cut prices.
Since this spring, the year-on-year rate of change in the CPI has been at around 0 percent, despite being significantly pushed down by a reduction in mobile phone charges. The underlying trend in prices, which excludes the effects of temporary factors such as the rise in energy prices, has been slightly positive.