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Home > Publications > News Releases > News Release - Bank of England/GfK NOP Inflation Attitudes Survey - November 2012
 

News Release - Bank of England/GfK NOP Inflation Attitudes Survey - November 2012

07 December 2012

This news release describes the results of the Bank of England’s latest quarterly survey of public attitudes to inflation, undertaken in November 2012.

Highlights from the survey
 
Question 1:  Asked to give the current rate of inflation, respondents gave a median answer of 4.4%, compared with 4.1% in August.

Question 2a:  Median expectations of the rate of inflation over the coming year were 3.5%, compared with 3.2% in August.
 
Question 2b:  Asked about expected inflation in the twelve months after that, respondents gave a median answer of 3.2%, compared with 2.8% in August.
 
Question 2c:  Asked about expectations of inflation in the longer term, say in five years time, respondents gave a median answer of 3.6%, compared with 3.1% in August.
 
Question 3:  By a margin of 64% to 6%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 67% to 6% in August.
 
Question 4:  47% of respondents thought the inflation target was ‘about right’, compared with 46% in August, while the proportions saying the target was ‘too high’ or ‘too low’ were 22% and 15% respectively.
 
Question 5:  19% of respondents thought that interest rates had fallen over the past 12 months, compared with 18% in August, while 26% of respondents said that interest rates had risen over the past 12 months, compared with 29% in August.
 
Question 6:  When asked about the future path of interest rates, 36% of respondents expected rates to rise over the next 12 months, compared with 35% in August.  5% of respondents expected interest rates to fall over the next 12 months, compared with 8% in August.
 
Question 7:  Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 16% thought rates should ‘go up’, compared with 17% in August.  19% of respondents thought that interest rates should ‘go down’, compared with 23% in August.  35% thought interest rates should ‘stay where they are’, compared to 33% in August.
 
Question 8:  When asked what would be ‘best for you personally’, 24% of respondents said interest rates should ‘go up’, compared with 23% in August.  29% of respondents said it would be better for them if interest rates were to ‘go down’, compared with 28% in August.
 
Questions 9-13:  These questions are asked only once a year, in February.*
 
Question 14:  Respondents were asked to assess the way the Bank of England is ‘doing its job to set interest rates to control inflation’.  The net satisfaction balance – the proportion satisfied minus the proportion dissatisfied – was +13%, compared with +6% in August.

Note to Editors
 
GfK NOP interviewed a quota sample of 2012 people aged 16 and over in 175 randomly selected output areas throughout the United Kingdom between 1 and 6 November 2012. The raw data were weighted to match the demographic profile of the UK as a whole.
 

 

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Key Resources

Summary Results (69k)
November 2012

Detailed Survey Tables (203k)
November 2012

Long-Run Summary Results data (160k)
November 1999-present