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mpc: 23 Members concluded that no change in the repo rate was appropriate this month. While the impact of the latest data on output and demand would probably be on the downside in the near term, financial market developments, and in particular the fall in the exchange rate, would be supportive. The forthcoming Inflation Report process would allow the Committee to weigh all these developments together in assessing the outlook for inflation. There were also several puzzles in the current conjuncture, for example between the apparent tightness of the labour market and modest pay pressures, and between gradually accelerating broad money and nominal GDP, and low and stable consumer price inflation. These issues added to the uncertainty of the outlook for inflation, and the Committee would be able to consider them further during the November Inflation Report round.