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According to a survey of 2,014 people conducted by Citi/YouGov on May 22 and May 23, the British public’s inflation expectations for the next 12 months stood at 3.1%.

Further details of the survey’s findings revealed that inflation expectations for the next 5-10 years edged higher to 3.0% in May from 2.9% in April, as reported by Reuters.

Market reaction

The GBP/USD pair largely ignored this headline and was last seen gaining 0.38% on the day at 1.2390. Meanwhile, the UK’s FTSE 100 was up 1.05% at 6,141.25 points.