The median rate of perceived inflation over the previous 12 months rose to 3.6 per cent in September from 3.5 per cent in August. Median expectations for inflation over the next 12 months also increased, to 3.1 per cent from 3.0 per cent, while median expectations for inflation three years ahead and five years ahead were unchanged at 2.9 per cent and 2.5 per cent respectively. Uncertainty about inflation expectations for the next 12 months increased slightly and remained above the level seen before the start of the conflict in the Middle East.
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