Indeed, on several occasions the Bundesbank cut interest rates even though money growth was above target.
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The pace of actual credit extension, however, has been running above target.
The detection rate for violent crime was 80.9%, robbery 73.6% and vandalism 29%, which the force said are all on or above target.
King's apparent willingness to allow inflation to remain above target has raised speculation that he and others are more flexible in their approach.
There will be a dilemma for the Bank of England, because the headline rate of inflation is likely to rise even more above target.
If a currency seems ludicrously overvalued, interest rates should be cut even if that means inflation moves slightly above target in the short term.
In a sector breakdown, the ONS said that price rises for digital cameras, books and DVDs contributed to keeping CPI above target last month.
That headline figure has not gone below 3% since December 2009, and it has now been above target for 34 of the past 40 months.
When CPI inflation remains above target for a certain period, the governor of the Bank of England has to write a letter to the chancellor explaining why.
On the upside, there is a risk that above-target inflation this year and next raises inflation expectations so that inflation persists above the target for a sustained period.
Inflation is going to stay further above target, for longer.
Implied volatility on Target options also surged--options traders anticipating a 31.5% deviation in share prices, a level head and shoulders above Target's actual historical share-price variability of just 21.2%.
He also said it was OK for countries that were above target to take a while to get back down to it, if the domestic recovery was facing fiscal and other headwinds.
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Although he gave no firm indication that he thought inflation was likely to be a problem that needed higher interest rates, he acknowledged that it was likely to be above target for many months.
"CPI inflation is expected to remain above target, and at a somewhat higher level than expected three months ago, for a period of a year or so, " the Bank governor added, blaming a recent rise in global commodity prices.
Inflation has been above target in 38 out of the last 44 months, and the Bank, through policies such as quantitative easing and the more recent Funding for Lending scheme, has been trying to ensure homeowners and businesses have greater access to cheaper loans to try to stimulate the recovery.
Right now, the Fed is projecting below-target inflation and above-target unemployment, suggesting that monetary policy is too tight.
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He also emphasised that the Bank had a duty to be vigilant against below-target as well as above-target inflation.
Refreshingly, he writes in a research note that he faced the option of either changing his target or his rating, with the stock way above his target.
Inflation is running well above the target rate and unlikely to subside until June.
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The Bank now expects that inflation will rise above the target over the next few months.
In fact, the ECB has been remarkably willing to tolerate inflation above its target range.
The Reserve Bank of India has raised its inflation forecast for this year to 5%, well above its target of 3%.
This second approach appears to be what the BOE, with the government's enthusiastic blessing, has been pursuing by tolerating persistent above-target inflation.
And to put it bluntly, this year we are probably facing a period of above-target inflation and a marked slowing in growth.
According to a new survey by Preqin, a research firm, 42% of the largest endowments are above their target allocation to private equity.
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It has been infusing billions of dollars into the banking system in recent days to keep that rate from rising above the target level.
But the longer this "exceptional" period of above-target inflation continues, the more we all have to worry that the "exception" has become the rule.
Monetary Policy Committee member David Miles added that inflation would be likely to stay "markedly above the target level" for the next two years, before falling.
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