Britons' expectations of the rate of inflation over the next 12 months leapt to a record high of 4.1 percent in May from 3.8 percent in April, according to a YouGov/Citigroup survey on Wednesday. The survey has shown a record high for the past three months and there has been a notable rise in the number of people that expect inflation to be "very high".
More people now expect inflation to be 6 percent or higher than below 2 percent in the year ahead. The Bank of England has voiced concerns that rising inflation could become entrenched in the public mindset, making it hard for them to cut interest rates even if the economy continues to slow.
Consumer price inflation has been running above the Bank of England's 2 percent target since last October and hit 3 percent in April. The central bank is forecasting inflation will rise closer to 4 percent later this year.
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