A survey by the Bank of England (BoE) and Ipsos published on Friday found that respondents in the United Kingdom expect inflation to stand at 3% over the next 12 months, compared to 2.7% in the previous survey in August. In 2026, inflation is seen at 2.8%, up from 2.6% in August. When asked about the current inflation rate, respondents gave a median answer of 4.8%, down from 5.2% in August, but much higher than the actual 2.3% measured in October.

45% of respondents said interest rates grew over the last 12 months, while 25% said they fell. 33% of respondents expected interest rates will rise further in the next year, while 22% said they expected rates to stay about the same. The BoE held interest rates steady throughout the first half of the year, deciding to deliver cuts in August and November.