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mpc: 10 In the United States, consumer and producer price inflation had both increased in September, although measures which excluded energy and food had remained broadly stable. Nominal wage growth had shown some signs of picking up over the past year, which might be consistent with some second-round effects from the energy price increases, or it could reflect a normal cyclical response to above-trend GDP growth and a tightening of the labour market. In financial markets, there had been little upward movement in medium to long-term US inflation expectations. In the euro area, producer price inflation and the harmonised measure of consumer price inflation had also increased recently.