The CPI is a dysfunctional inflation measure for a central bank to use as it excludes housing prices, as does the CPIH series. The best inflation measure for the Bank of England to target would be a UK HICP (that’s what the UK CPI is) with an OOH component based on the net acquisitions approach. Although the ONS now calculates a quarterly OOH(NA) component like most other countries in the EEA, as required by Eurostat, it does not publish a monthly series and the quarterly series is not published on a timely basis. Whatever Poloz’s BoC may write, the Eurostat-mandated quarterly OOH(NA) series are not pilot indexes, calculated by some of the euro area countries, but are required of all of the EEA member countries, Liechtenstein excepted.