Bank of England/TNS Inflation Attitudes Survey - May 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 07 June 2019

This news release describes the results of the Bank of England’s latest quarterly survey of public attitudes to inflation, undertaken between 3 and 7 May 2019.

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 February.
 
Question 2a: Median expectations of the rate of inflation over the coming year were 3.1%, down from 3.2% in February.

Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 3.0%, up from 2.9% in February.

Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.8%, up from 3.4% in February.

Question 3: By a margin of 55% to 7%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 56% to 6% in February.

Question 4: 52% of respondents thought the inflation target was ‘about right’, up from 49% in February, while the proportions saying the target was ‘too high’ or ‘too low’ were 21% and 11% respectively. 

Question 5: 7% of respondents thought that interest rates had fallen over the past 12 months, the same as in February, while 38% of respondents said that interest rates had risen over the past 12 months, up from 34% in February.

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 February. 49% of respondents expected rates to rise over the next 12 months, up from 47% in February.

Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 18% thought rates should ‘go up’, up from 17% in February. 19% of respondents thought that interest rates should ‘go down’, up from 17% in February. 35% thought interest rates should ‘stay where they are’, down from 37% in February.

Question 8: When asked what would be ‘best for you personally’, 18% of respondents said interest rates should ‘go up’, down from 22% in February. 31% of respondents said it would be better for them if interest rates were to ‘go down’, up from 28% 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 +29%, up from +26% in February. 

ExcelSummary results

ExcelDetailed survey results

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