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mpc: 26 There was little evidence of second-round effects on earnings growth from the rise in energy prices; wage settlements and earnings growth remained benign. Inflation expectations data would need to be monitored carefully. There had been news that retail gas price increases were a little larger and would come through a little faster than assumed last month. But looking further ahead, the latest cost and price data did not materially change the view reached at the time of the Inflation Report.