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A new nationwide consumer poll from Lloyds TSB has suggested that concerns about food, fuel and energy costs are driving expectations of high inflation in the year to come.
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Respondents to the study predicted that by May 2009, inflation would stand at 3.8 per cent, up from 3.6 per cent estimated in last year's survey. [url=http://210.60.30.152/ctdc/total/forum.php?mod=viewthread&tid=8613469&pid=9518120&page=1&extra=page=1#pid9518120]jordan pas cher Designer Jewellery Increases in Va[/url] Lloyds TSB also suggested that consumer confidence in employment [url=http://www.vivid-host.com/barbour.htm]barbour uk outlet[/url] and their own job security was also slipping. Nearly a quarter (23 per cent) of respondents said they felt their job was less secure than it was a year ago, while 48 per cent of people said that overall employment prospects in the UK had got worse in the past 12 months.
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Trevor Williams, chief economist at Lloyds TSB Corporate Markets, said: "Currently at three per cent, there's no denying that the immediate outlook for inflation remains high. But [url=http://www.gotprintsigns.com/monclerpascher/]moncler[/url] the Bank of England's latest report projected that inflationary pressures would ease in the long term as food and fuel prices start to fall next year. In stark contrast to this, our latest barometer shows that consumers do not believe prices will ease and so [url=http://kcx.cdgtzy.gov.cn/guestbook.asp]moncler ou[/url] inflation expectations for the next 12 months are tipping four per cent. The MPC continues to highlight the need to anchor inflation expectations as key to bringing actual inflation under control."
He added that any future cut in the interest rate would send the wrong message to consumers. If consumer expectations of inflation continue to [url=http://www.vivid-host.com/barbour.htm]barbour uk[/url] rise, the UK will be in for a period of flat or rising interest rates in order to bring inflation back under control, Mr Williams concluded.
In a press conference following the MPC's May RPI publication, Bank of England governor Mervyn King attributed the current rise in inflation to increasing global costs of food and energy. He added that consumers will continue to feel the effect of these inflated prices [url=http://www.ilyav.com/uggpascher.php]ugg pas cher[/url] over the course of the next 12 to [url=http://www.1855sacramento.com/woolrich.php]woolrich bologna[/url] 18 months and as such, he asserted that it "doesn't make sense" to focus on bringing [url=http://www.maximoupgrade.com/hot.php]hollister france[/url] inflation down to the Bank's target level of two per cent within this timeframe. However, Mr King said that "we should certainly" look to tack inflation back to this level in two years' time.
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