Excerpt macro inserts undesireable line breaks (paragraph tags) in HTML rendering

The documentation on the Excerpt macro says that it "does not change the display of a page", the sole purpose in being to invisibly mark a piece of text for display elsewhere in another page. However, as of version 2.5.7 (or perhaps a little earlier) and later, the rendering changed so that the excerpted text is wrapped in <p> tags in the HTML rendering. This breaks a lot of my pages' layouts.

Example:

This page provides the details on

{excerpt}how RotoMan manages your XRLP data {excerpt}

using your LDAP account.

This used to render all on one line in HTML in the source wiki page. But now, it renders like this:

<p>This page provides the details on <p>how RotoMan manages your XRLP data</p> using your LDAP account.</p>

which is not only visually wrong, it even violates HTML syntax rules. Please revert to the old rendering of

{excerpt}

in which no HTML markup was produced. Or at the very least, there should be an option in the excerpt tag to turn off the <p> tags.