UK short-term inflation expectations cool slightly

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© Reuters. FILE PHOTO: Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls

LONDON (Reuters) – The British public’s expectations for inflation in the year ahead cooled slightly this month, a survey showed on Friday.

Household expectations for price changes in the next 12 month eased to 2.7% from 2.8% in April, the survey from U.S bank Citi and pollsters YouGov showed.

“As yet, the improving cyclical outlook doesn’t seem have boosted expectations,” economists from Citi said.

“Household inflation expectations remain well anchored in our view. Upside risks that had been evident earlier in the pandemic now appear to have eased,” they added.

However, inflation expectations for five to ten years’ time increased slightly, to 3.4% in May from 3.3% in April.

“These remain elevated … but have eased off since the peak of the pandemic,” Citi said.

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