Highlights from the survey
Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 3.1%, the same as in May.
Question 2a: Median expectations of the rate of inflation over the coming year were 3.3%, up from 3.1% in May.
Question 2a3: 50% of respondents reported that Brexit has raised their 1-year-ahead inflation expectations. 10% of respondents said it has lowered their expectations.
Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 3.0% the same as in May.
Question 2b3: 44% of respondents reported that Brexit has raised their 2-year-ahead inflation expectations. 9% of respondents said it has lowered their expectations.
Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.1%, down from 3.8% in May.
Question 3: By a margin of 57% to 7%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 55% to 7% in May.
Question 4: 50% of respondents thought the inflation target was ‘about right’, down from 52% in May, while the proportions saying the target was ‘too high’ or ‘too low’ were 17% and 16% respectively.
Question 5: 9% of respondents thought that interest rates had fallen over the past 12 months, up from 7% in May, while 30% of respondents said that interest rates had risen over the past 12 months, down from 38% in May.
Question 6: When asked about the future path of interest rates, 22% said rates might stay about the same over the next twelve months, the same as in May. 43% of respondents expected rates to rise over the next 12 months, down from 49% in May.
Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 15% thought rates should ‘go up’, down from 18% in May. 19% of respondents thought that interest rates should ‘go down’, the same as in May. 37% thought interest rates should ‘stay where they are’, up from 35% in May.
Question 8: When asked what would be ‘best for you personally’, 20% of respondents said interest rates should ‘go up’, down from 18% in May. 29% of respondents said it would be better for them if interest rates were to ‘go down’, down from 31% in May.
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 +27%, down from +29% in May.
Summary results