The chart below shows the forecasted price made by analysts compared to the actual Brent oil price outturn.

FORBES: The Case For Higher Crude Prices

Their latest forecast, completed in February, assumed growth in the first quarter of 0.8% - more than double the eventual outturn.

BBC: Slow growth threatens spending

As a recent paper from the Centre for Policy Studies pointed out, between August 2007 and May 2010 the Bank's average forecast for inflation a year ahead was 1.9%, but the average outturn was 3.2%.

BBC: Inflation: Balancing the risks