"One of the more durable achievements of the previous Government was the establishment of the Monetary Policy Committee (MPC), whose work – for around a decade – was widely praised. As the recession took hold, the MPC does seem to have been seriously off the pace. The announcement earlier this week that the Consumer Price Index had risen to 4% is way off the MPC’s prescribed target. Indeed, it looks likely that higher interest rates – for all their negative economic growth implications – will shortly be confirmed." Read more. "Inflation - A Blip?" Nigel Hawkins The Adam Smith Institute, February 19, 2011. Image by winnond / FreeDigitalPhotos.net.