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This news release describes the results of the Bank of England's latest quarterly survey of public attitudes to inflation, undertaken in August 2009.

Highlights from the survey

Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 3.8%, compared with 4.0% in May 2009.

Question 2: Median expectations of the rate of inflation over the coming year were 2.4%, the same response as in May.

Question 3: By a margin of 59% to 8%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 63% to 9% in May.

Question 4: 51% of respondents thought the inflation target was 'about right', compared with 52% in May, while the proportions saying the target was 'too high' or 'too low' were 21% and 14% respectively.

Question 5: 54% of respondents thought that interest rates had fallen over the past 12 months, compared with 63% in May, whilst 22% of respondents said that interest rates had risen over the past 12 months, compared with 17% in May.

Question 6: When asked about the future path of interest rates, 48% of respondents expected rates to rise over the next 12 months, compared with 44% in May. 8% of respondents expected interest rates to fall over the next 12 months, compared with 10% in May.

Question 7: Asked what would be 'best for the economy' - higher interest rates, lower rates or no change - 23% thought rates should 'go up', compared with 25% in May. 19% of respondents thought that interest rates should 'go down', compared with 17% in May. 32% thought interest rates should 'stay where they are', compared with 34% in May.

Question 8: When asked what would be 'best for you personally', 25% of respondents said interest rates should 'go up' compared with 29% in May. 27% of respondents said it would be better for them if interest rates were to 'go down', compared with 25% in May.

Questions 9-13: 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 index - the proportion satisfied minus the proportion dissatisfied - was 15%, compared with 17% in May.

Notes to Editors
GfK NOP interviewed a quota sample of 2,075 people aged 15 and over in 175 randomly-selected enumeration districts throughout the United Kingdom between 13-18 August 2009. The raw data were weighted to match the demographic profile of the UK as a whole.

*Although the main survey is conducted quarterly, the February survey each year includes five extra questions, the answers to which have been shown to change slowly over time, and is double the sample size of the other surveys.

Key Resources

	Summary Results August 2009 Download Spreadsheet (47k)
	Detailed Survey Tables August 2009 Download Spreadsheet (162k)
	Long-Run Summary Results data November 1999 - present Download Spreadsheet (185k)
	Public Attitudes to Inflation and Interest Rates Quarterly Bulletin Article, Q2 2009 Download PDF (734k)