November 22, 2017 / 5:56 PM / a year ago

UK public inflation expectations drop in November - Citi/YouGov

FILE PHOTO: A shopper checks her shopping list in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall/File Photo

LONDON (Reuters) - The British public’s expectations for inflation over the next 12 months dropped to 2.6 percent this month from October’s four-year high of 2.8 percent, a monthly survey by polling company YouGov showed on Wednesday.

The poll, conducted for U.S. bank Citi, showed that longer-term inflation expectations for the next five to 10 years remained unchanged at 3.2 percent after the BoE raised interest rates for the first time in a decade on Nov. 2.

This was in line with their long-run average, but still the joint-highest since 2014.

“Long-term inflation expectations ... may suggest that monetary stimulus can be reduced further, but peaking short-term inflation expectations do not suggest urgency,” Citi economists Christian Schulz and Ann O’Kelly wrote in a note to clients.

YouGov polled 2,038 adults on Nov. 20 and Nov. 21.

Reporting by David Milliken; editing by Stephen Addison

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