However, in order to grasp the underlying trend in consumer prices, it is necessary to look at the rate of change in the CPI excluding fresh food and energy, since the CPI excluding fresh food but including energy is affected by temporary fluctuations in oil prices.
The important thing to note when looking at these indexes is that their underlying trend was negative from the mid-1990s onward, but following the introduction of QQE the rate of change in the CPI excluding fresh food and energy turned positive and since then has continued to be on an uptrend.14  Chart 6 Breakdown of the CPI  4  Consumption tax hike (April 2014)  Consumption tax hike (April 1997)  %  Introduction of QQE (April 2013) 3 Contribution of CPI (all items less fresh food and energy) Contribution of CPI (energy)  2  CPI (all items less fresh food) CPI (all items less fresh food and energy)  1  0  -1  -2  2017  2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992  1991  CY  1990  -3  Note: The CPI is adjusted for the effects of the changes in the consumption tax by deducting 2.0 percentage points at the time of the introduction of the tax in 1989, 1.5 percentage points at the time of the first hike in 1997, and 2.0 percentage points at the time of the second hike in 2014.