A survey conducted by the Bank of England and Gfk shows that the market is expecting the UK's inflation over the next 12 months to reach 3.7%, hitting a 11-month record high and also higher than the 3.5% posted in the previous survey in February. It is also expected that the inflation in two years time and five years time will reach 3.4% and 3.6%.
Gfk interviewed 1966 people between 17-22 May. (t)
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