The British public’s expectations for inflation inched lower in November, according to a Bank of England survey.

The public’s median expectation for the rate of inflation in the year ahead fell to 3.5 per cent from 3.6 per cent in August, according to the quarterly inflation attitudes survey.

For inflation in five years’ time, expectations fell to 3.7 per cent from 3.8 per cent – still far above the BoE’s target for consumer price inflation of 2.0 per cent.

While the public are poor predictors of price growth, the survey is watched by BoE policymakers for warning signs that inflation expectations are becoming embedded in consumer behaviour.