Highlights from the Survey
Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 2.4%, compared to 2.8% in February.
Question 2a: Median expectations of the rate of inflation over the coming year were 2.9%, down from 3.0% in February.
Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 1.9%, down 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 2.6%, compared to 3.4% in February.
Question 3: By a margin of 54% to 12%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 47% to 10% in February.
Question 4: 55% of respondents thought the inflation target was ‘about right’, up from 52% in February. The proportions saying the target was ‘too high’ or ‘too low’ were 33% and 12%, respectively.
Question 5: 50% of respondents thought that interest rates had fallen over the past 12 months, compared with 12% in February, while 25% of respondents said that interest rates had risen over the past 12 months, down from 27% in February.
Question 6: When asked about the future path of interest rates, 39% said they expected rates to stay about the same over the next twelve months, compared with 29% in February. 42% of respondents expected rates to rise over the next 12 months, up from 39% in February.
Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 25% thought rates should ‘go up’, up from 17% in February. 18% of respondents thought that interest rates should ‘go down’, up from 16% in February. 45% thought interest rates should ‘stay where they are’, up from 37% in February.
Question 8: When asked what would be ‘best for you personally’, 30% of respondents said it would be better for them if interest rates were to ‘go up’, up from 20% in February. 21% of respondents said it would be better for them if interest rates were to ‘go down’, down from 26% 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 +23%, down from +29% in February.
Detailed survey results