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mpc: 12 The oil price had remained volatile. The spot oil price had fallen substantially over the past month, though the shift down in the oil futures curve had been smaller. The higher oil price had continued to feed through to producer prices in the major overseas economies. Headline producer price inflation had picked up in both the United States and the euro area. Moreover, excluding energy, producer price inflation had risen by around two percentage points in both regions since the middle of 2003. There had been a further acceleration of export prices from the major industrial economies ­ although this was broadly in line with expectations. But, so far, there were few signs of higher energy prices passing through into consumer prices other than petrol.