The British public’s expectations for inflation in the long term rose to a record high last month after the U.S.-Israeli war on Iran sent energy prices soaring, the Bank of England’s quarterly inflation attitudes survey showed. The public’s median expectation for the rate of inflation in the year ahead increased to 4% from 3.2% in February.
For inflation in five years’ time, expectations rose to 3.9% in May from 3.7% in February – their highest level since BoE records for this time series began in 2009 and far above the BoE’s target for consumer price inflation of 2.0%. BoE policymakers monitor the public’s inflation expectations carefully for signs that price pressures are becoming permanently embedded in consumer behaviour.
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