TOKYO (Reuters), Japan’s consumer inflation will be under pressure from higher electricity bills and rising food prices later this year, with the recent rise in commodity prices hitting the economy with a lag. This was according to Monday’s statement by the central bank.

According to the Bank of Japan, rising import prices are expected to continue pushing up inflation as Japanese utilities adjust their electricity bills according to the current average price of Japanese imported goods.

In its full quarterly outlook report, the BOJ stated that the recent increase in input costs may also cause food prices to rise further because more households will be paying the cost.

Japan’s core consumer price index rose in March at the fastest rate in over two years, raising concerns that rising energy and food prices could increase households’ buying power.

On Thursday the central bank published a draft of their report. They revised this year’s forecast for inflation, but project that prices will rise moderately in the coming year because of the recent fuel price gains.