Survey hints inflation level to stay around BoE expectation |
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Published
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Mon, 19 Dec 2005 20:05
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LONDON: Inflation in Britain in 2006 is expected to stay at 2.2 per cent, a survey commissioned by the Bank of England hinted. This will be slightly higher than the consumer price inflation of 2.1 per cent recorded in November, which itself is higher than the bank's projection of 2 per cent.
The attitudes survey conducted between November 17 and 22 by pollsters NOP Ltd covered 2,132 people. Nearly 53 per cent of them felt that the economy will stand to weaken if prices rose faster against 49 per cent in August. Some 25 per cent of those surveyed said it will make little difference if the prices rose faster.
As much as 46 per cent said interest rates would rise in the next year, compared with 34 per cent in August and 52 per cent May. The percentage of those who feel the rates will remain steady was 27 per cent compared with 28 per cent in August. The percentage of those who felt the rates will fall decreased to 11 per cent from 18 per cent.
The bank's policy makers have hinted that they do not think it necessary to revise the interest rates from the existing 4.5 per cent set in August this year.
The central bank is monitoring inflationary levels after these had remained above the target in five months, mainly as a result of higher oil costs. The price of crude had retreated 17 per cent since reaching a record $70.85 a barrel on 30 August..
The survey also showed that the number of people satisfied with the way the bank is managing the economy was the highest since February 2002. The net-satisfaction index, showing the balance of satisfied responses, rose to 53 per cent from 48 per cent in August.
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House price rise at its slowest rate in nine years: Nationwide 