UK year-ahead public inflation expectations rise to 3.3% in Oct, Citi/YouGov survey shows
01/11/2024 11:45
LONDON, Nov 1 (Reuters) - British households'
expectations for inflation over the next 12 months rose again in
October, adding to the likelihood that the Bank of England will
only cut interest rates once a quarter, a monthly survey from
Citi and YouGov showed on Friday.
The survey showed expectations for inflation in a year's
time rose to 3.3% in October from 3.2%, up from a trough of 2.6%
in June. For five to 10 years' time, expectations rose to 3.8%
in October from 3.6% and are 0.8 percentage points above June's
low.
"For the Monetary Policy Committee this is likely to provide
continued reason for caution, implying quarterly rate cuts in
the near-term," Citi economist Benjamin Nabarro said.
(Reporting by David Milliken, Editing by Paul Sandle)
((david.milliken@thomsonreuters.com; +44 20 7513 4034;))