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LONDON, Jan 26 (Reuters) - The British public's expectations
for inflation in 12 months' time jumped to a record high in
January, according to a monthly survey that will bolster the
Bank of England's concerns that the current spike in price
growth will prove persistent.
Year-ahead inflation expectations in the monthly Citi/YouGov
survey, published on Wednesday, surged to 4.8% in January from
4.0% in December, the highest since this series began in 2006
and almost double their long-run average.
The official rate of consumer price inflation hit 5.4% in
December, its highest since March 1992, and the BoE is widely
expected to raise rates on Feb. 3, which would be its second
rate rise in less than two months.
Longer-term public inflation expectations for the next five
to 10 years - which some economists think give a better guide on
whether price pressures are becoming entrenched - held at 3.8%,
their joint-highest level since 2013.
"Today's data, especially the level of long-term
expectations, suggest elevated risk inflation expectations could
become de-anchored to the upside as inflation accelerates in the
months ahead," Citi economist Benjamin Nabarro said.
"However, for now, we think expectations remain anchored
overall."
BoE official Catherine Mann said last week that the central
bank needed to lean against inflation pressures, to stop
expectations of higher inflation among businesses and workers
from becoming self-fulfilling.
The sharp rise in the cost of living is also becoming a
major political challenge for Prime Minister Boris Johnson's
government, with a sharp rise in regulated energy prices and
higher taxes on workers due to take effect in April.
(Reporting by David Milliken
Editing by William Schomberg)
