Here, I would like to discuss developments in the underlying trend in inflation from the following three perspectives: (1) those in consumer prices; (2) those in the output gap, which is a gap between aggregate demand and supply capacity of the economy as a whole; and (3) those in medium- to long-term inflation expectations. 1.
Developments in consumer prices  To begin with, let me talk about developments in consumer prices. The year-on-year rate of change in the CPI for all items less fresh food has been about 0 percent recently.