Inflation,Expectations,Hit,Ser finance, share, loan Inflation Expectations Hit Series High
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More Brits expect inflation to get worse before it gets better, according to new figures from the Bank of England and GfK NOP.When queried what the rate of inflation is expected to be in 12 months, the respondent gave a mid answer of 4.4 per cent, up from 4.3 per cent in May this year, which was the largest result of the data series. Meanwhile, the median result for the perceived level of current inflation was 5.4 per cent, compared with the previous series high of 4.9 per cent. On top of that, less people thought that inflation was currently running at about the right level, with just less than 40 per cent stating they thought this to be so.As inflation has continued, many consumers may have found that their ability to pay for everyday living costs such as food and petrol have been constrained. Which could have more of an impact on their ability to keep up with regular payments such as their mortgage or personal loans.Indeed, when it comes to getting some respite in repayment rates in the next 12 months, 54 per cent expected that interest rates on products such as mortgages and loans would rise in the next year, compared with 48 per cent in May. Meanwhile, ten per cent said they thought the Bank of England would enact an interest rate cut in the next 12 months, down from 12 per cent in May, showing that a declining number of people expect loan and mortgage commitments to lessen.This is despite the balance of people believing that interest rates should go down rather than up. While just below ten per cent had the opinion that increased interest rates would help the economy, 1 in 4 said they thought rates need to fall.For those looking to take advantage of current interest rates in anticipation of a future increase, taking out a cheap low-rate loan soon may be of interest.It appears that fewer people are satisfied with the current job that the Bank of England is doing in terms of limiting inflation, the net satisfaction index - which measures the number of people who are happy minus those who are not - stood at 18 per cent, down four percentage points from May.Howard Archer, chief UK and European economist at Global Insight, told the times: "This highlights how sharply higher food and energy prices are shaping peoples perception of the overall inflation level. The further rise in inflation expectations in August is obviously not good news for the Bank and could reinforce the monetary policy committees reluctance to cut interest rates in the near term, despite the likelihood of recession."For those who have been struggling to keep up with payments for food and other areas of expenditure such as mortgages and fuel costs, taking out a debt consolidation loan may be of interest. Indeed, a recent statement from the Council of Mortgage Lenders has warned that the Bank of England will be unable to reduce interest rates until the "super spike" in inflation subsides. Article Tags: Inflation Expectations, Series High, Interest Rates
Inflation,Expectations,Hit,Ser