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mpc: 9 The spot oil price had eased further, with Brent crude trading at around $55 a barrel. Oil futures prices had fallen slightly on the month. In the United States and the euro area, the recent easing in oil prices had contributed to modest declines in headline producer price and consumer price inflation. Excluding energy and food, US and euro-area consumer price inflation measures had been broadly stable. As yet, there was little sign that the strength in energy prices during 2005 had fed through into higher wage claims internationally.

Money, credit, demand and output