Highlights from the survey
- Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 2.2%, unchanged since February.
- Question 2a: Median expectations of the rate of inflation over the coming year were 2.2%, compared with 1.9% in February.
- Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.3%, compared with 2.1% in February.
- Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 2.8%, unchanged since February.
- Question 3: By a margin of 49% to 11%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 49% to 13% in February.
- Question 4: 57% of respondents thought the inflation target was ‘about right’, up from 55% in February, while the proportions saying the target was ‘too high’ or ‘too low’ were 21% and 8% respectively.
- Question 5: 18% of respondents thought that interest rates had fallen over the past 12 months, the same proportion as in February, while 17% of respondents said that interest rates had risen over the past 12 months, compared with 19% in February.
- Question 6: When asked about the future path of interest rates, 42% said rates might stay about the same over the next twelve months, up from 39% in February. 38% of respondents expected rates to rise over the next 12 months, up from 36% in February.
- Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 17% thought rates should ‘go up’, down from 19% in February. 14% of respondents thought that interest rates should ‘go down’, compared with 13% in February. 43% thought interest rates should ‘stay where they are’, compared to 42% in February.
- Question 8: When asked what would be ‘best for you personally’, 23% of respondents said interest rates should ‘go up’, up from 22% in February. 23% of respondents said it would be better for them if interest rates were to ‘go down’, up from 22% 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 +35%, unchanged since February.
Summary results