The Office for National Statistics (ONS) will publish data tomorrow showing that CPI inflation was 3.6% in January. In November I wrote an open letter to you because CPI inflation had remained more than one percentage point above the 2% target. As it is three months since I last wrote to you, and the rate of inflation is more than one percentage point above the target, I am writing a further open letter on behalf of the Monetary Policy Committee. In accordance with our remit, this letter explains why inflation has moved away from the target, the period within which we expect inflation to return to the target, the ... (full story)