FILE PHOTO: People shop at Borough Market in London, Britain July 19, 2023. REUTERS/Anna Gordon/File Photo
The British public’s expectations for inflation over the medium to long term, which are closely monitored by the Bank of England, experienced a rise in August, according to a survey published on Friday.
Inflation expectations in five to 10 years’ time marginally increased to 3.3% from 3.2% in July, based on a survey conducted by U.S. bank Citi and polling firm YouGov.
Public expectations for inflation in the next 12 months also rose to 4.4% from 4.3%.
The Bank of England is expected to raise interest rates for the 15th consecutive time on Sept. 21 as it deals with the highest inflation rate among major developed economies.
Citi expects these numbers to continue to improve in the coming months as headline inflation decreases.
“However, these data confirm that there may still be challenges in the winter months due to potential increases in energy prices,” Citi stated.
RELATED STORIES
UK set to have highest inflation among big economies in 2023-OECD
UK inflation pressure stays strong despite fall in headline rate
Your subscription could not be saved. Please try again.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
