Reuters reports that Bank of England data showed that the British public’s expectations for inflation over the next 12 months held at their lowest level in more than four years.

Average expectations for inflation over the next 12 months remained at 2.7% - the joint-lowest reading since August 2016 alongside November’s figure, based on a survey conducted between Feb. 9 and Feb. 22.

Asked about inflation for the following year, the public saw it at 2.2%, compared with 2.1% in November, while longer-term inflation expectations held steady at 2.9%, just above a five-year low recorded in August 2020.

Expectations for a move in BoE interest rates over the coming year were little changed from November. Some 35% expected a rise - a low proportion by the standards of recent years - 16% expected a cut and 35% expected rates to stay the same.