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Rising inflation predicted by public

Consumers expect living costs to rise still further over the next year, Citigroup has claimed.The bank found that the current average inflation expectation among the general public for 12 months' time stands at 4.6 per cent - an increase over last month's prediction of 4.1 per cent.Moreover, both of these figures are above the latest government inflation benchmark of 3.3 per cent - which itself exceeds its own target of two per cent.Rising food and fuel costs - driven by rapid rises in wholesale energy prices - has been blamed for the inflationary trend.Barrels of crude oil are currently trading at a near-all time high of $144.Commenting on the new poll, Michael Saunders at Citigroup commented: "Some may argue that the erosion of the credibility of the [Bank's] inflation target does not matter as long as pay growth does not pick up."He added: "In our view, that is too complacent."

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