Bank of England/Gfk NOP Inflation Attitudes Survey - May 2014

This quarterly survey, conducted by GfK NOP on our behalf, assesses public attitudes to inflation, opinions about the Bank and awareness of our work.
Published on 06 June 2014

This news release describes the results of the Bank of England’s latest quarterly survey of public attitudes to inflation, undertaken between 8th and 13th of May 2014.

GfK NOP interviewed a quota sample of 1986 people aged 16 and over in 175 randomly selected output areas throughout the United Kingdom between 8 and 13 May 2014. The raw data were weighted to match the demographic profile of the UK as a whole.

Highlights from the survey

  • Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 2.9%, compared with 3.5% in February.
  • Question 2a: Median expectations of the rate of inflation over the coming year were 2.6%, compared with 2.8% in February.
  • Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.5%, compared with 2.8% in February.
  • Question 2c: Asked about expectations of inflation in the longer term, say in five year’s time, respondents gave a median answer of 2.9%, compared with 3.2% in February.
  • Question 3: By a margin of 54% to 10%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 57% to 8% in February.
  • Question 4: 53% of respondents thought the inflation target was ‘about right’, compared with 48% in February, while the proportions saying the target was ‘too high’ or ‘too low’ were 19% and 12% respectively.
  • Question 5: 12% of respondents thought that interest rates had fallen over the past 12 months, compared with 13% in February, while 21% of respondents said that interest rates had risen over the past 12 months, compared with 23% in February.
  • Question 6: When asked about the future path of interest rates, 36% said rates might stay about the same over the next twelve months, down from 37% in February. 42% of respondents expected rates to rise over the next 12 months, up from 40% in February.
  • Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 20% thought rates should ‘go up’, compared with 16% in February. 15% of respondents thought that interest rates should ‘go down’, compared with 16% in February. 38% thought interest rates should ‘stay where they are’, compared to 40% in February.
  • Question 8: When asked what would be ‘best for you personally’, 25% of respondents said interest rates should ‘go up’, compared with 21% in February. 22% of respondents said it would be better for them if interest rates were to ‘go down’, compared with 23% 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 +31%, compared with +30% in February.

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