LONDON (Reuters) – The British public’s expectations for inflation over the coming 12 months are the highest in four years, a monthly YouGov poll showed on Wednesday, after Britain’s official measure of inflation hit a five-year high in September.

FILE PHOTO: A shopper pushes a trolley in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall/File Photo

The YouGov poll, conducted for U.S. bank Citi, showed that the average expectation for inflation over the next 12 months rose to 2.8 percent in October, its highest since October 2013, from 2.5 percent in September.

Longer-term inflation expectations for the next five to 10 years edged up to 3.2 percent from 3.1 percent, bringing them in line with the survey’s long-run average, Citi said.

“The rise in inflation expectations will at the margin raise concerns about second-round effects of the currently high actual inflation rates. It may strengthen the (Bank of England‘s) resolve to hike Bank Rate … on 2 November,” Citi economists Christian Schulz and Ann O‘Kelly wrote in a note to clients.

YouGov polled 2,126 British adults between Oct. 20 and Oct. 23.

Reporting by David Milliken, editing by Andy Bruce

Our Standards:The Thomson Reuters Trust Principles.



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