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A survey by conducted jointly by Citi bank and YouGov showed on Wednesday that UK's long-term inflation expectations hit a more than two-year high in December, as consumers braced for a bout of higher prices after the pound's post-Brexit vote fall.
Citi/YouGov poll showed inflation expectations in the next 5-10 years rose to 3 percent, the highest forecast since September 2014 and up from a November reading of 2.8 percent.
Short-term public inflation expectations broadly steady. Respondents to the survey predicted inflation in 12 months' time would rise to 2.43 percent from an earlier forecast of 2.36 percent. This was still below Bank of England's (BOE) forecast of 2.7 percent y/y by end of 2017.
"Due to uncertainty amidst the beginning Brexit process, we do not expect this to trigger BoE policy 'normalisation', however, at least until after the Article 50 process ... is completed in 2019," said Citi economists Christian Schulz and Ann O'Kelly.
