Public expectations in Britain for inflation to rise over the next one to two years are at their highest level in almost a decade, and satisfaction with the Bank of England is falling, according to data from the latest quarterly survey by central bank in London, reported Reuters.

Respondents to the November poll expect inflation to increase to 3.4 percent over the next one to two years.

In the same survey in August, they expected it to jump to 3.2 percent. 

Sharp acceleration of British inflation

Inflation, which reflects the rise in consumer prices, hit a 41-year high of 11.1 percent on an annual basis in October.

This is more than five times the 2 percent target the Bank of England is aiming for, Reuters noted.

Against this backdrop, "net public satisfaction" with the Bank of England's efforts to curb inflation fell to -12 points, down from -7 points reported in the August poll.

Its level is at its lowest level since the Bank of England survey began in 1999.

Central bankers in London are closely watching inflation sentiment surveys for signs that citizens and businesses expect above-target inflation to remain unchanged for a long period.

This is taken as an indicator that influences the negotiation of wages and the preparation of price strategies, although not all experts are convinced that this data can serve as a significant guide for the future behavior of market participants.

Great Britain