UK public inflation expectations surged in February, BoE survey shows

(Reuters) - The British public's expectations for inflation in the long run rose in February to their highest level in more than five years, according to a Bank of England survey on Friday that is likely to underscore its cautious approach to cutting interest rates.

Expectations for inflation in five years' time or longer rose to 3.6% in February from 3.4% in the previous survey, conducted in November, the BoE said. It marked the highest reading since November 2019.

The BoE reported a jump in year-ahead expectations, to 3.4% from 3.0% - the highest reading since August 2023.

(Reporting by Andy Bruce; editing by David Milliken)