Asked to give the current rate of inflation, respondents gave a median answer of 7.5%, down from 8.6% in August 2023.
Median expectations of the rate of inflation over the coming year were 3.3%, down from 3.6% in August 2023.
Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.8%, unchanged from 2.8% in August 2023.
Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.2%, up from 2.9% in August 2023.
By a margin of 69% to 6%, survey respondents believed that the economy would end up weaker, rather than stronger, if prices started to rise faster, compared to 73% and 5% respectively in August 2023.
41% of respondents thought the inflation target was ‘about right’, up from 40% in August 2023. The proportions saying the target was ‘too high’ or ‘too low’ were 32% and 11% respectively.
78% of respondents said that interest rates on things such as mortgages, bank loans and savings had risen over the past 12 months, from 81% in August 2023. Meanwhile, 3% of respondents thought that interest rates had fallen over the past 12 months, unchanged from August 2023.
When asked about the future path of interest rates, 44% of respondents expected rates to rise over the next 12 months, down from 63% in August 2023. 29% said they expected rates to stay about the same over the next twelve months, up from 19% in August 2023.