About two-fifths of people polled recently have a more pessimistic view about rising inflation than the Bank of England, it has been revealed.
Despite the Bank’s prediction of a seven per cent spike in Spring, 39 per cent of respondents to a survey by HR software provider CIPHR thought it would be eight percent or higher.
This comes as the UK economy bounces back from the pandemic, and Russia’s invasion of Ukraine created uncertainty with the price of wheat, gold and oil soaring.
The data, which includes responses from 1,151 people, found that 39 per cent felt inflation would exceed the BofE’s prediction. Almost a third of those people felt it would top 10 per cent, and one in 11 said it might even spike at 15 per cent.
Almost a third said it would stay at its current rate of 5.4 per cent, with the research breaking down respondents by sex, age, those with children and wages, highlighting the discrepancy between people who are lower earners – with less disposable income.
34 percent of those earning under £30,000 predict inflation will go up, compared to 26 per cent of people earning over £45,000.
David Richter, director of marketing at CIPHR, says: “We set out to investigate what different people think about inflation.
“Unfortunately, based on these findings, most of us think inflation is set to get worse rather than better in the months to come.”