The inflation data for the first half of 2011 do indeed show some increase in underlying inflation (though after a sequence of revisions, this is not quite as large as it looked a few months ago).
As of May this year, the central forecast was for inflation to pick up further over  4  BIS central bankers’ speeches  the ensuing couple of years, eventually rising to be clearly in excess of 3 per cent. This carried a simple message.