Bank of England/Gfk NOP Inflation Attitudes Survey - February 2015

This quarterly survey, conducted by GfK on our behalf, assesses public attitudes to inflation, opinions about the Bank and awareness of our work.
Published on 06 March 2015
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.

ExcelSummary results

ExcelDetailed survey tables

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