In the UK, public inflation expectations have reached their highest level since October 2022.

According to a survey published by Foreks - Citi/YouGov, the long-term inflation expectations of the British public have reached their highest level this month since October 2022, when rising energy prices pushed headline inflation into double digits. Long-term inflation expectations increased from 3.9% in February to 4.2% in March, while expectations for one year ahead rose from 3.9% to 4.0%, marking the highest level since October 2023.

Citi economists Callum McLaren-Stewart and Michel Nies stated, "For the Bank of England's Monetary Policy Committee, this survey will ensure continued caution with possible quarterly cuts for now." Citi also noted that other surveys, including one conducted by the BoE, show much lower long-term public inflation expectations, suggesting that the latest results should be treated "with a degree of caution."