UK public expects inflation to hit 3.4% in coming year

Up from 3% in November

Respondents to a survey carried out by the Bank of England and market research firm Ipsos have forecast UK inflation to rise above 3% over the coming year.

Carried out across people aged 16-75 across the United Kingdom on various days throughout February, the participants expect the average inflation rate for the next year to stand at 3.4%, marking an increase from their previous forecast of 3% in November's survey. Indeed all the respondents findings recorded an increase in inflation expectations over all questioned timeframes. Bank of England holds interest rates steady at 4.75% amid heightened inflation They forecast it would move to 3.2% in the 12 months following, up from November's 2.8% expectations, while in five years' time th...