Some 48% of people surveyed this month by consumer research firm GfK expected prices to increase more rapidly over the next 12 months, up from 34% in September, the figures seen exclusively by Reuters showed.
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. 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.Private sector economists increasingly expect the BoE will become the first major central bank to raise borrowing costs.
"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."
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