Comment 2 for bug 497641

Even though the report is old, here's a hint for the records on how to accomplish vertically aligned text in boxes 'by hand'.

Create a box.
Create a text.
(Move text somewhere into the box.)
Select both text and box.
Menu "Object" > "Align and Distribute" (a panel pops up)
In top part of panel, select "center on vertical axis" (there is one to select on horizontal axis as well).
Voila, your text is now exactly centered in the box.

Drawback: You'll have to go through the procedure again whenever you change the box' or text's size.