November 23, 2018 / 12:32 PM / in 17 days

UK short-run inflation expectations edge up to 2.7 percent: Citi/YouGov

A man walks past a clothes store in central London February 15, 2011. Inflation jumped to twice the Bank of England's target in January, prompting Bank Governor Mervyn King to acknowledge that interest rates might rise more rapidly than economists had expected. REUTERS/Paul Hackett (BRITAIN - Tags: BUSINESS)

LONDON (Reuters) - The British public’s expectations for inflation over the coming year edged up this month, but longer-term expectations dropped to an eight-month low, a monthly survey showed on Friday.

Year-ahead inflation expectations rose to 2.7 percent in November from October’s 2.6 percent, while expectations for the next five to 10 years sank to 3.1 percent from 3.2 percent, the lowest since March, the Citi/YouGov survey showed.

“The decline could be the result of the increasingly palpable impact of Brexit uncertainty on the growth outlook - although no deal is likely to lead to higher inflation in the short-run - or a continued reaction to falling oil prices,” Citi economists Christian Schulz and Ann O’Kelly wrote.

The data is based on a YouGov poll of 2,035 adults conducted on Nov. 20 and Nov. 21.

Reporting by David Milliken; editing by Stephen Addison

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