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mpc: 11 Price inflation had been rising in many of the major economies. In the United States, in addition to the rise in core PCE inflation, the corresponding headline measure had risen to 3.5% while CPI inflation had reached 4.3% in June. Recent upwards revision to labour compensation and the prospective downwards revision to productivity growth would also imply higher unit labour costs. In the euro area, CPI inflation remained at 2.5% in June, despite some slowdown in energy price inflation. In Japan, the CPI inflation rate had reached 1%, its highest for eight years. There was also growing evidence of upward pressures on major economy import and producer output prices, possibly reflecting a limited capacity for producers to absorb further oil price increases.