Today the Bank of England has announced....
CPI is 4.7%, up from 4.4% last month,
RPI is 4.8%, down from 5.0% last month.
The CPI target is 2.0% and a very generous government allows a 1.0% margin on that. Still Mervyn King and his fellows on the MPC seem unable to hit anyway near the target - probably because they are not even bothering to try.