People expect the cost of living in the UK to rise quickly over the course of the next 12 months, new research has revealed.
The Bank of England's (BoE) latest inflation attitudes survey published today (June 8th) has revealed the general public expect inflation to hit a level of 3.7 per cent in the coming year.
This represents the highest predicted figure since November 2011 and is also a marked increase on the level of 3.5 per cent estimated three months ago.
Confidence in the UK economy has been sapped in recent times as the eurozone debt crisis rumbles on and the Office for National Statistics revealed the country's gross domestic product contracted by 0.3 per cent in the first quarter of the year.
And this is reflected in the fact that many people across the nation expect inflation to remain above the government's target level of two per cent for the next few years.