The overall effect of the international oil price increases on inflation and output has been far more muted than expected.

The bias is on the upside; the bias is on the tightening side; it is not on the loosening side.

Strip out higher oil prices, and Europe doesn't have an inflation problem. We're still bullish for the medium term.

A year ago some said that the doubling of oil prices would push our inflation far beyond target and that a recession was required to slow the increase in house prices.

Both [the French and the euro-zone data] reflect higher oil prices rather than any rise in underlying inflation.

The inflation-adjusted number, the finite supply of oil, and the growing demand for oil from one-third of the world's population all point to higher prices.