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Few care why consumer prices have slipped temporarily from the modest upward path the Bank foresaw in its last inflation forecast.
In its last Inflation Report, the MPC presented a forecast whose central projection showed inflation rising to 2.5% by the start of 2003.
But while the Bank has only slightly pared back its growth forecasts since its last Inflation Report in August, the same can't be said of inflation.
Nothing had really changed since the Bank's last inflation report in February, although the passage of time means that the economy has edged closer to the point at which rates will be lifted from the emergency level of 0.5%.
The Bank of England has been surprised by the strength of the economy since its last inflation report in August, and Threadneedle Street is in no hurry to bang up interest rates too quickly, for fear of choking off the recovery.
In his last inflation report as the Bank's governor, Sir Mervyn King said inflation should drop to its target of 2% within two years.
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But looking back to the last inflation-adjusted peak price in 1980, it's far from impossible that the gold price could soon go above $5,000 an ounce.
The European Central Bank on Thursday dampened expectations that it was edging closer to its first interest rate increase since 2008, as Jean-Claude Trichet, the bank's president, said rising commodity prices had not yet led to lasting inflation.
The last time inflation reached this level was in August 2001, when the economies of the rich world last slowed.
Since the last raise, inflation has seriously eroded the buying power of judicial paychecks.
FOR much of the last century inflation was as prominent a feature of Brazilian life as football.
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