April 24, 2018 / 1:53 PM / a year ago

UK inflation expectations for year ahead steady in April: Citi

Fruit is displayed for sale at a market stall in Great Yarmouth, Britain, March 21, 2018. Picture taken March 21, 2018. REUTERS/Hannah McKay

LONDON (Reuters) - Inflation expectations among people in Britain for the year ahead remained unchanged at 2.4 percent in April, according to a survey published by financial services firm Citi and polling firm YouGov.

Expectations for annual inflation five to 10 years ahead rose to 3.1 percent in April, up from 3.0 percent, interrupting a recent series of small declines, Citi said.

“With both short and long-term inflation expectations near their averages, we think neither urgent policy tightening nor a reversal of the nascent rate hike cycle are required,” Citi said in a note.

The Bank of England is due to announce its next interest rate decision on May 10. Last week BoE Governor Mark Carney cast doubt on widely held expectations that the central bank would raise rates in May.

Writing by William Schomberg; Editing by Keith Weir

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