The British public's expectations for inflation, a crucial indicator for the Bank of England as it weighs another interest rate hike, cooled in March, U.S. bank Citi said after publishing a monthly survey conducted by market research company YouGov.
Citi said public expectations for inflation in 12 months' time eased to 5.4%, down from 5.6% in February, while expectations for the longer term slipped to 3.7% from 3.8%.
Benjamin Nabarro, economist at Citi, said the figures confirmed that upside risks to inflation pressure were still elevated and he pointed to the shortages in staple foods as one example. "However, today's data still suggest UK inflation expectations overall remain well anchored at the target consistent level, even if risks persist," he added.
The survey showed recent upward pressure on inflation expectations had been concentrated among women in older age groups, and among lower occupational categories. A quarterly Bank of England survey last month also showed a decline in public inflation expectations, as well as scant sign that Britons were expecting big wage increases in future - further evidence that a wage-price spiral remains a remote risk.
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