Inline content can indeed be centred on the page, both vertically and horizontally, and the caption can also be the same width (simply set the left & right indents accordingly). For the vertical centring, insert Section breaks either side of the image & caption, then change that Section's vertical alignment to 'center'. Horizontal alignment is just a matter of paragraph formatting.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]