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

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 05 June 2015
GfK NOP interviewed a quota sample of people aged 16 and over in 175 randomly selected output areas throughout the United Kingdom; 2002 people between 8 and 13 May 2015 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%, 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.

ExcelSummary results

ExcelDetailed survey tables

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