Bank of England says 12-month inflation expectations hit record

The British public's expectations for the rate of inflation in a year's time have risen to their highest in records going back to 1999, a quarterly survey by the Bank of England showed on Friday.

The public's median inflation expectation for 12 months' time rose to 4.6% in May, up from 4.3% in February's survey.

Expectations for two- and five years' time rose to 3.4% and 3.5%, the highest since 2013 and 2019 respectively.