Financial News: UK Inflation Expectations Ease In May: BoE Survey

UK Inflation Expectations Ease In May: BoE Survey

06/14/2024 - 05:04:00 (RTTNews)

(RTTNews) - Britons' short-term inflation expectations softened in May, the quarterly Inflation Attitudes Survey conducted by Ipsos on behalf of the Bank of England showed on Friday.

The one-year ahead inflation expectations fell to 2.6 percent from 2.8 percent in February.

Respondents assessed the current inflation at 5.5 percent compared to 6.1 percent in the previous survey period.

In five years' time, inflation is seen at 3.1 percent, unchanged from the prior survey period.

By a margin of 65 percent to 6 percent, respondents said the economy would end up weaker, rather than stronger, if prices started to rise faster. This compared to 69 percent and 5 percent, respectively in February. The survey showed that 40 percent said the inflation target was 'about right', unchanged from 40 percent in February. The proportions saying the target was 'too high' or 'too low' were 34 percent and 10 percent respectively.

About 34 percent of respondents forecast interest rates to rise over the coming year, which was down from 36 percent in February. Nearly 25 percent said interest rate will stay about the same over the next twelve months compared to 26 percent in the last survey.

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