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Free AccessMNI BRIEF: BOE Survey Sees Corporate Inflation Expectations Up
The Bank of England's May Decision Maker Panel survey found business executives one- and three-year ahead inflation expectations rose, lifting them even further away from the BOE's target.
One year ahead CPI expectations rose to 5.9% from 5.6% in April and three year ones to 3.5% from 3.4%, problematic outturns for a central bank targeting 2% inflation. The survey, however, was conducted between 5 and 19 May, before the May 24 release of the April inflation data which showed the CPI up 8.7% in the 12 months to April 2023, a sharp decline from 10.1% in March .
Research shows inflation expectations tend to be influenced by current inflation rates and policymakers will hope sharp falls in inflation, which are highly likely due to base effects in coming months, will weigh on expectations. The DMP survey found that output price inflation dipped to 7.6% in the three months to May The DMP survey also found elevated levels of uncertainty, with 54% of firms classifying uncertainty as high or very high, and investment growth dipped although year-ahead investment was expected in aggregated to rise by 5%.
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