Britain to reach 2% inflation target

Britain's citizens raised their expectations for the next 12 months regarding inflation toward a 2% target, as per the Bank of England (BoE) May survey.

The public expects that the inflation, on a quarterly basis, will likely be, compared to February's 1.8%, 2.0%.

Median inflation rate expectations for Britain at 3.4%

Furthermore, the probabilities for a rake hike increased to 41% and were 3% higher than the previous odds for 38%.

From a long-term approach, the respondents expect an inflation rate of 3.4%, on a median basis, compared to February's 2.9% rate.

Moreover, the respondents who have participated in the survey, around 2,143 people, between the period of May 6 and 10, perceive that the economy would gradually weaken further.

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