UK Households Expect Higher Inflation for First Time Since 2023.

British households are anticipating an increase in inflation over the next 12 months, with expectations rising to 3% from 2.7% in the previous quarter. This marks the first uptick in inflation expectations since August 2023, potentially influenced by Chancellor of the Exchequer Rachel Reeves' recent budget. The Bank of England survey also revealed concerns about a potential economic slowdown due to the faster rise in prices, adding to existing worries following a recent unexpected contraction in gross domestic product. [Extracted from the article]