According to a survey by the Bank of England on Friday, public expectations for long-term inflation in the United Kingdom rose to the highest level in over five years in February, highlighting a cautious attitude towards interest rate cuts.

The Bank of England stated that expectations for inflation over five years or more rose from 3.4% in the last survey conducted in November to 3.6% in February, the highest since November 2019.

The report noted that expectations for the coming year jumped from 3% to 3.4%, the highest level since August 2023.