Bank of England survey shows drop in overall satisfaction

The Bank of England's quarterly Inflation Attitudes Survey demonstrated a significant gap between the real inflation rate and public perception. When asked what the current rate was, the median response placed inflation at 3.8% in August, compared to 4% in May 2009. Inflation was 1.6% in August.

Twenty-two percent of respondents said that interest rates had risen over the past twelve months, up from 17% who thought the same in the May survey. Twenty-five percent of those surveyed said it would be best for them as individuals if interest rates were to go up, compared with 29% in May. Twenty-seven percent of respondents preferred that interest rates should go down, up from 25% in May.

Overall, the survey showed that net satisfaction - which is measured by subtracting the proportion of respondents who are dissatisfied from the proportion that are satisfied - with the efficacy of the Bank of England at setting rates to control inflation had fallen slightly, to 15% from 17% in May.

The information was released by the Bank of England on 17 September.

Click here to read the survey