Expectations for inflation over the next 12 months jumped to ⁠3.9% from 3.4% in July while expectations for price growth in the longer term increased to 4.1% — their highest level since April — from 3.7%, Reuters reported.

"With inflation set to pick up over the coming months, this is a hawkish ⁠development in this series," Citi said.

The Bank of England is watching closely for signs that the jump in energy ⁠prices caused by the war on Iran could turn into longer-lasting inflation pressures.

Citi said it was ⁠wary of over-interpreting one report in isolation and that "next month's release ⁠should give a better steer on how to interpret this jump".