The Bank of England has missed its inflation target more than any other major European central banks in the past five years. As Bloomberg Brief notes, while BOE Governor Mark Carney linked monetary policy to unemployment last week, the BOE has failed to meet its CPI goal 90 percent of the time. Hungary is the second-worst performing, having missed its target 88 percent of the time. The best performers have been the Swiss and Norwegian central banks, which have a 5 percent and 20 percent miss rate, respectively. To rub further salt into the open wound of hope in the UK, it has also had the largest average deviation from its target inflation rate overall.
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The bottom-line is that despite the ongoing promises of moar and moar printed money, the BoE remains miserably unable to reflate (anything but real estate and equity prices) as once again we see the reality of a Keynes-inspired macro playbook drive a monetizing-debt central bank to real-world failure. Of course, the defense (as always) is the counterfactual - just think how much worse it could have been... just one more quarter...
Chart: Bloomberg Briefs