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mpc: 9 Euro-area consumer price inflation had been little changed in October. Headline US consumer price inflation had continued to show the effects of falls in energy prices, but measures excluding food and energy were little changed. The spot oil price had risen quite sharply on the month, by some 13% in dollar terms and by around 9% in sterling. But the oil futures curve, on which the November Inflation Report central projection had been based, was little changed in sterling terms, despite the movement in the spot price.

Money, credit, demand and output