The possibility of cutting interest rates was not raised even as a tentative talking point at this month's meeting of the Bank of England's interest-setting committee.
Instead, official minutes of the meeting on October 5 and 6 contain a warning that if high oil prices feed through into either pay deals or expectations that inflation is heading higher interest rates may have to ruse further than they would otherwise.
" Some members" of the committee felt that the risk of flagging demand has increased since the Bank's last quarterly "Inflation Report" in August. But they do not appear to have pressed the point.
The committee's debate centred largely on the possibly conflicting effects of higher oil prices and migration adding to Britain's working population. At the end of it, the nine committee members voted unanimously to leave the Bank's repo rate unchanged for a third month at 4.5 per cent.
"The supply effects of oil on the one hand and migration on the other could work in opposite directions," the minutes noted. These were complex issues and the November 'Inflation Report' round would provide the committee with an opportunity to consider them in greater depth."
Provided the price of oil rose no further, the direct impact of oil on inflation should fade towards the end of this year, the committee concluded - "although considerable uncertainty surrounded that judgment".
It was important, too, to be alert to the possibility of "second-round" effects of the high price of oil.
"At present, there was little sign that the higher oil price was feeding through into either wage settlements or medium-term inflation expectations," the minutes recorded.
"But if such effects were to take hold, the committee would need to run a tighter monetary policy than would otherwise have been the case."
In the City, the pound immediately jumped a quarter-cent against the dollar while interest rate futures fell sharply amid fears that chances of an early cut in the cost of borrowing were receding.
"The minutes are a bit disappointing for those who were hoping for a rate cut in November," said Vicky Redwood of Capital Economics.
"A lot hinges on the data in the rest of this week. If we have weak retail sales and GDP data, that could swing the members of the committee who are worried about the weakness in demand into voting for a cut in November."
Economists, many of whom are convinced that weak economic growth will force the Bank to repeat before long August's quarter-point cut - opposed by the Bank's governor Mervyn King - were surprised that no committee member broached the possibility of a cut this month.
But yesterday's minutes recorded doubts among committee members that official statistics may be exaggerating the weakness of the British economy because surveys of service activity have been relatively upbeat.
There was no mention of suggestions that the housing market may have started to recover in August. Some of the Bank's regional agents, though, suggested that some of the revival could reflect pent-up demand, so it was too soon to judge.