Bank of England/GfK Inflation Attitudes Survey - November 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.

Summary results

Detailed survey tables

Related documents

• Methodology and notes (pdf)
• Long-Run summary results and data (xlsx)
• Individual survey responses (33MB) (xlsx)
• Individual survey responses - STATA file (zip)