Bank of England/GfK Inflation Attitudes Survey - November 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 11 December 2015
GfK interviewed a quota sample of people aged 16 and over in 175 randomly selected output areas throughout the United Kingdom; 1963 people between 5 and 10 November 2015. 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 2.0%, compared to 2.1% in August.
  • Question 2a: Median expectations of the rate of inflation over the coming year were 2.0%, unchanged since August.
  • Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.3%, unchanged since August.
  • Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 2.9%, compared with 2.8% in August.
  • Question 3: By a margin of 47% to 10%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 45% to 10% in August.
  • Question 4: 51% of respondents thought the inflation target was ‘about right’, down from 54% in August, while the proportions saying the target was ‘too high’ or ‘too low’ were 21% and 7% respectively.
  • Question 5: 9% of respondents thought that interest rates had fallen over the past 12 months, compared with 10% in August, while 20% of respondents said that interest rates had risen over the past 12 months, unchanged since August.
  • Question 6: When asked about the future path of interest rates, 38% said rates might stay about the same over the next twelve months, up from 26% in August. 35% of respondents expected rates to rise over the next 12 months, down from 50% 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’, down from 22% in August. 14% of respondents thought that interest rates should ‘go down’, compared with 13% in August. 36% thought interest rates should ‘stay where they are’, compared to 35% in August.
  • Question 8: When asked what would be ‘best for you personally’, 18% of respondents said interest rates should ‘go up’, down from 23% in August. 21% of respondents said it would be better for them if interest rates were to ‘go down’, up from 20% in August.
  • 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 +30%, down from +33% in August.

ExcelSummary results

ExcelDetailed survey tables

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