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Bo E Survey: " Inflation Expectations At Series High"

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UPDATE 1-UK inflation expectations at series high in Aug

Thu Sep 13, 2007 11:12 AM BST
LONDON, Sept 13 (
) - Britons' expectations of future inflation held at a series high in August even though the actual rate has fallen below 2 percent, a survey by the Bank of England showed on Thursday.

Perception may well be reality already. Didn't we just hear that the Grocers are expecting a 30% hike in food costs? Meat might get dear if F&M spreads. Wage push inflation is unexpecedly high according to the ONS and oil is hovering above previous all time records. Add just these 3 together and you quickly see why expectations are high for much higher inflation in the days ahead.

IMO a series of three or four more hikes might slow things down a tad but I really think the bank is out of control now--they had their opportunity and blew it back in Agust 2005 when the muppets cut instead of hiking by atleast 50 bp as prudence dictated. Inflation is like toofpaste, once out of the tube, is near impossible to get back in.

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