Bank of England/TNS Inflation Attitudes Survey - May 2016

TNS interviewed a quota samples of people aged 16 and over in 368 randomly selected output areas or group of output areas (sample points) throughout the United Kingdom; 2143 people between 6 and 10 May 2016. 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 to 2.0% in February.
• Question 2a: Median expectations of the rate of inflation over the coming year were 2.0%, compared with 1.8% in February.
• Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.2%, 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 3.4%, compared to 2.9% in February.
• 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 46% to 12% in February.
• Question 4: 54% of respondents thought the inflation target was ‘about right’, up from 52% in February, while the proportions saying the target was ‘too high’ or ‘too low’ were 22% and 7% respectively.
• Question 5: 13% of respondents thought that interest rates had fallen over the past 12 months, unchanged since February, while 21% of respondents said that interest rates had risen over the past 12 months, compared with 20% in February.
• Question 6: When asked about the future path of interest rates, 32% said rates might stay about the same over the next twelve months, down from 36% in February. 41% of respondents expected rates to rise over the next 12 months, up from 38% in February.
• Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 21% thought rates should ‘go up’, unchanged since February. 16% of respondents thought that interest rates should ‘go down’, compared to 14% in February. 37% thought interest rates should ‘stay where they are’, compared to 38% in February.
• Question 8: When asked what would be ‘best for you personally’, 22% of respondents said interest rates should ‘go up’, compared with 24% in February. 26% of respondents said it would be better for them if interest rates were to ‘go down’, up from 23% 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 +32%, up from +29% in February.

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)