GfK NOP interviewed two quota samples of people aged 16 and over in 175 randomly selected output areas throughout the United Kingdom; 2094 people between 5 and 10 February and 2018 people between 12 and 17 February. 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 2.2%, compared with 2.8% in November.
- Question 2a: Median expectations of the rate of inflation over the coming year were 1.9%, compared with 2.5% in November.
- Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.1%, compared with 2.5% in November.
- Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 2.8%, compared with 3.0% in November.
- Question 3: By a margin of 49% to 13%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 52% to 8% in November.
- Question 4: 55% of respondents thought the inflation target was ‘about right’, up from 50% in November, while the proportions saying the target was ‘too high’ or ‘too low’ were 21% and 10% respectively.
- Question 5: 18% of respondents thought that interest rates had fallen over the past 12 months, up from 11% in November, while 19% of respondents said that interest rates had risen over the past 12 months, compared with 21% in November.
- Question 6: When asked about the future path of interest rates, 39% said rates might stay about the same over the next twelve months, up from 37% in November. 36% of respondents expected rates to rise over the next 12 months, down from 37% in November.
- Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 19% thought rates should ‘go up’, up from 16% in November. 13% of respondents thought that interest rates should ‘go down’, compared with 12% in November. 42% thought interest rates should ‘stay where they are’, compared to 40% in November.
- Question 8: When asked what would be ‘best for you personally’, 22% of respondents said interest rates should ‘go up’, down from 23% in November. 22% of respondents said it would be better for them if interest rates were to ‘go down’, up from 21% in November.
- 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 +35%, compared with +29% in November.
Detailed survey tables