July 25, 2018 / 2:29 PM / a year ago

UK public inflation expectations soften slightly in July - Citi/YouGov

A shopper reaches for a box of tea in a supermarket in London, Britain April 11, 2017. British retail sales shrank at the fastest rate in nearly seven years during the past three months, despite a pickup in February, adding to signs that a major driver of Britain's economy is faltering after last year's Brexit vote. REUTERS/Neil Hall

LONDON (Reuters) - The British public’s expectations for inflation over the coming year fell slightly in July after rising in the previous three months, as the effect of an earlier rise in oil prices faded, a survey showed on Wednesday.

U.S. bank Citi said year-ahead inflation expectations slipped to 2.52 percent from 2.57 percent, while expectations for the next 5-10 years fell by a similar amount to 3.3 percent.

Official data has shown that consumer price inflation held at 2.4 percent in June.

Most economists polled by Reuters expect the Bank of England to raise interest rates next week for only the second time since before the financial crisis, due to concerns that the domestic economy is running short of capacity.

The Citi data is based on a poll of 2,001 British adults conducted by market research company YouGov between July 20 and 23.

Reporting by David Milliken; Editing by William Schomberg

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