Highlights from the survey
Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 3.1%, compared to 2.9% in August.
Question 2a: Median expectations of the rate of inflation over the coming year were 3.2%, compared to 3.0% in August.
Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.8%, down from 2.9% in August.
Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.5%, down from 3.6% in August.
Question 3: By a margin of 53% to 9%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 51% to 7% in August.
Question 4: 49% of respondents thought the inflation target was ‘about right’, remaining the same as in August, while the proportions saying the target was ‘too high’ or ‘too low’ were 20% and 12% respectively.
Question 5: 6% of respondents thought that interest rates had fallen over the past 12 months, compared with 5% in August, while 44% of respondents said that interest rates had risen over the past 12 months, down from 50% in August.
Question 6: When asked about the future path of interest rates, 19% said rates might stay about the same over the next twelve months, compared with 18% in August. 53% of respondents expected rates to rise over the next 12 months, down from 58% in August.
Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 19% thought rates should ‘go up’, down from 20% in August. 19% of respondents thought that interest rates should ‘go down’, up from 17% in August. 34% thought interest rates should ‘stay where they are’, down from 35% in August.
Question 8: When asked what would be ‘best for you personally’, 21% of respondents said interest rates should ‘go up’, down from 23% in August. 31% of respondents said it would be better for them if interest rates were to ‘go down’, up from 28% 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%, up from +28% in August.