Doesn't that depend upon how "fudged" the figures are from the perspective government? If they're anything like ours, the real inflation rate is waaaayyyy higher than the official "stated" rate.
Zimbabwe has an overnight rate of 8500.00%. Oh wait, the yoy inflation rate is 100,580.2% http://www.rbz.co.zw/
Hearing from a first-hand account in Peru, this isn't always true (though it could be in many places). Peru's historical and current numbers look spot on. Then again, Peru has one of the lowest inflation rates in the world, and the central bank intends to keep it like that (by managing the rates like they do; read what I linked above). I couldn't tell you about other countries, but there are a few honest ones out there paying more than inflation.
New Zealand: 4% infla. vs 8.25% RBNZ rates http://www.rbnz.govt.nz/ Australia: 4.25 vs 7.25 RBA http://www.rba.gov.au/
Beat me to it. Was just about to post those two when I saw this thread. OP, there are still central bankers who are competent. Don't let Bernanke ruin you on all central bankers. I understand the urge, though. Trust me.