Bank of England/TNS Inflation Attitudes Survey - August 2019

This quarterly survey, conducted by TNS on our behalf, assesses public attitudes to inflation, opinions about the Bank and awareness of our work.
Published on 06 September 2019
This news release describes the results of the Bank of England’s latest quarterly survey of public attitudes to inflation, undertaken between 31 July and 4 August 2019.

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. 

ExcelSummary results

ExcelDetailed survey results

Was this page useful?
Add your details...