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EXCLUSIVE UK public's inflation expectations rocket to record high: GfK

EXCLUSIVE UK public's inflation expectations rocket to record high: GfK

10/22/2021 12:20:00 PM

EXCLUSIVE UK public's inflation expectations rocket to record high: GfK

A record proportion of the British public thinks inflation will accelerate over the next 12 months, according to data that could further boost expectations that the Bank of England will raise interest rates next month.

It marked the highest share since records began in January 1985, when Margaret Thatcher was prime minister and more than a decade before the BoE became operationally independent.The surge in inflation expectations follows a month of rocketing gas prices that have caused the collapse of several British energy suppliers, leaving households faced with the prospect of hefty bills in 2022.

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Global supply chain problems as the world economy reopens from COVID-19 lockdowns and labour shortages, exacerbated by Brexit, have added to Britain's recent inflationary tilt.The BoE's new chief economist, Huw Pill, said inflation in Britain could surpass a "very uncomfortable" 5% and the question of whether to raise interest rates was a "live" one at its Nov. 4 meeting, the Financial Times reported.

read morePrivate sector economists increasingly expect the BoE will become the first major central bank to raise borrowing costs."More and more shoppers expect that costs for goods and services will jump dramatically in the next 12 months," said Joe Staton, client strategy director at GfK. headtopics.com

"This rapid increase will impact our ability to shop and save, and our willingness to spend at a time when our incomes are outpaced by inflation."The public are generally poor predictors of inflation but central banks watch their expectations for signs that consumers are losing confidence in authorities' ability to keep price rises in check.

A similar surge in public inflation expectations in the euro zone in 2011 helped to persuade the European Central Bank to raise interest rates twice that year - although it quickly reversed course. Read more: Reuters Top News »

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