Some economists think the annual inflation rate could rise as high as 30% this year.
But should the bank set a target for the annual inflation rate or for the price level?
The last time the annual inflation rate was higher was in 1991.
The central bank's current interpretation of its mandate is to get the annual inflation rate down to 2% within two to three years.
One target is to get inflation down to single figures by the end of the year - the annual inflation rate was 13% in July.
The 10-year Treasury yield is just under the latest annual inflation rate of 1.7%.
The BOE said the annual rate of inflation will remain above its target for longer than expected, but it won't tighten monetary policy and risk derailing a recovery.
Hold the front page: the annual rate of inflation did not go up last month.
These monthly withdrawals are adjusted at the start of every year based upon the actual rate of annual inflation for the preceding 12 months.
Figures released on Tuesday by the British Retail Consortium showed that the annual rate of shop price inflation edged up slightly in April to 2.5%, from 2.4% in March.
The annual rate of inflation was 70% at the start of 2000, only 39% as this year opened.
Between 1984 and 1988 the average annual rate of inflation was 14.5%, of devaluation 14.3% and of economic growth 3.2%.
The annual rate of inflation shows how much higher or lower prices are compared with the same month a year earlier.
The annual rate of inflation eased to 7.18% in December, down from 7.24% in November, according to the Wholesale Price Index - the country's main gauge of inflation.
The poorest 20% of households faced an average annual inflation rate of 4.3% between 2008 and 2010, while the richest 20% only had a rate of 2.7%.
"If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010, " said Nationwide's chief economist Martin Gahbauer.
However, the overall rate of headline inflation continued to fall at an annual rate of 0.8%.
During the late 1970s, inflation roared back, finishing the decade at an annual rate of 13%.
In the summer, annual inflation reached its highest rate for three years, though it has since eased.
The annual rate for producer price inflation, however, remained steady at 0.6%.
These stimulus measures can lead to higher inflation, but the IMF's report comes on the same day of the latest UK inflation figures, which show a sharp drop in the annual rate to 3% last month, the lowest rate since February 2010.
U.S. gross domestic product data on Friday showed the American economy expanding at an inflation-adjusted 3.4% annual rate in the second quarter, which should have been good news for equities, but analysts believed the market's focus would quickly return to the credit markets.
In Britain the annual rate of consumer-price inflation rose to 2.2% in May, up from 2% in April.
The annual rate of consumer-price inflation was at 2.8% in November, which is in line with what the Polish central bank calls "a conventional policy" of keeping the cost of money above the level of inflation.
China's consumer price inflation rate for December 2011 is 4.1%, while the annual rate is 5.4%, the government revealed.
BBC: China morning round-up: Inflation and economy discussed
If you're in a position where you receive an annual raise or bonus above the rate of inflation, Jenkins suggests you just hold your Committed Expenses steady for a while and let the raises or bonuses reduce the percentage over time.
By that measure, the Everyday Price Index shows inflation galloping ahead at an 8.1 percent annual rate, a reading that would put the current Misery Index at a Carter-like 16.4 percent not a good recipe for re-election.
It omitted mention of a June 1 Pentagon report estimating an annual inflation rate at 33 percent and the Iraqi government estimate of joblessness at 17 percent.
Alas, the same cannot be said for average earnings, which have actually now fallen even further behind inflation in October with average annual growth of just 1.3% - less than half the rate of inflation.
PriceStats, a specialist provider of inflation rates which produces figures for 19 countries that are published by State Street, a financial services firm, puts the annual rate at 24.4% and cumulative inflation since the beginning of 2007 at 137%.
应用推荐