According to the Bank’s projections released last month of the economic and price outlooks through fiscal 2013, the real GDP growth rate is expected to be –0.4 percent in fiscal 2011, 2 percent in fiscal 2012, and 1.6 percent in fiscal 2013.
As for the CPI, the year-on-year rate of increase is expected to gradually rise, from –0.1 percent in fiscal 2011, to 0.1 percent in fiscal 2012, and 0.5 percent in fiscal 2013 (Chart 7). Looking back, the rate of decrease in the CPI (all items less fresh food) marked a low of –2.4 percent in mid-2009, recording the largest decline in recent years.