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Public inflation expectations ease slightly, Bank of England survey shows

Public expectations about inflation in the UK eased slightly in November, according to a quarterly survey from the Bank of England, with near, medium and long-term predictions all falling compared with three months ago.

Bank of England

Source: Sharecast

The Bank of England/Ipsos Inflation Attitudes Survey, released on Friday, found that the perceived current rate of inflation was 4.7%, down from 4.8% at the last survey in August.

Median expectations for inflation over the coming year were 3.5%, down from 3.6% previously, while predictions for the year after fell to 3.3% from 3.4%.

Meanwhile, inflation is expected to rise to 3.7% in five years’ time, down from 3.8% previously.

Some 36% of respondents said they thought the the Bank of England’s inflation target was “about right”, down from 38% previously, while 38% said it was too high and 10% said it was too low.

As for interest rates, 38% said they expected rates to rise over the coming 12 months, up from 33% in August, while 24% expected no change and 26% expected a decline.

Asked whether the Bank of England was “doing its job to set interest rates to control inflation”, the public net satisfaction balance fell to -1% from 2%, meaning more people were dissatisfied than satisfied.

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