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mpc: 26 There had been little news from financial markets, with UK short-term and long-term rates a little lower, equity prices a little higher and the sterling ERI about ½% below its level at the November meeting. More generally, asset prices had been buoyant for some time. Developments in the international economy had been positive, with growth in the United Kingdom's main export markets at least as strong as implied by the central projection in the November Inflation Report. Although oil prices had eased since the Committee's last meeting, they remained substantially above their levels a year ago. In the United Kingdom, growth in non-oil GDP appeared to have been recovering gradually since the beginning of the year. Prospects for demand and output in Q4 were mixed. CPI inflation had fallen back a little, broadly in line with the November Inflation Report central projection. And, so far, wage growth had remained well contained.