The Bank of England has released its latest quarterly Inflation Attitudes Survey for May 2026, conducted in partnership with Ipsos. This regular poll gauges how people across the UK view price changes, their forecasts for future inflation, and their opinions on the central bank‘s performance in managing the economy.
Fieldwork took place between 30 April and 5 May 2026, involving a representative quota sample of adults aged 16 to 75.
Ipsos has handled the survey since February 2022, following earlier work by Kantar.
Since May 2020, the poll has moved online, which introduced some shifts in response patterns—particularly fewer “don’t know” answers initially.
Analysts are advised to interpret long-term comparisons carefully due to this methodological change.
Respondents’ median estimate of the current inflation rate climbed to 5 percent, from 4.6 percent in the February survey.
This suggests the public senses a modest pickup in price pressures.
Looking ahead, one-year inflation expectations rose noticeably to a median of 4 percent, up from 3.2 percent previously.
For the subsequent 12-month period, the median forecast increased to 3.5 percent from 3.2 percent.
Longer-term views, covering roughly five years ahead, edged higher to 3.9 percent from 3.7 percent.
These movements indicate growing concern that inflation may remain above the Bank’s 2 percent target for some time.
A strong majority—78 percent—believed faster price rises would ultimately weaken the economy, compared with just 4 percent who thought they would strengthen it.
This view hardened from the 72-to-4 split recorded in February, underscoring widespread recognition of inflation’s potential harm.
Regarding the official 2 percent inflation target, 39 percent judged it “about right,” holding steady from the prior wave.
Some 32 percent viewed it as too high, while 12 percent considered it too low.
Public awareness of recent rate changes sharpened. Nearly half (49 percent) reported that borrowing and saving rates had increased over the past year, a significant jump from 32 percent in February. Only 18 percent thought rates had fallen, down sharply from 35 percent.
Expectations for the next 12 months also tilted toward further tightening: 53 percent anticipated higher rates, up dramatically from 30 percent. Just 23 percent expected stability (down from 26 percent), and 11 percent foresaw declines (down from 29 percent).
When asked what would best serve the economy, 12 percent favored higher rates (up slightly), 38 percent preferred cuts (up from 35 percent), and 26 percent wanted no change.
On a personal level, 23 percent said higher rates would benefit them (down from 27 percent), while 34 percent favored lower rates (up from 30 percent).
Assessment of the BankSatisfaction with the Bank‘s handling of interest rates to control inflation turned slightly negative.
The net balance (satisfied minus dissatisfied) stood at -2 percent, slipping from +2 percent in February.
This modest decline may reflect heightened public sensitivity to persistent price pressures.
The May 2026 results reveal a public that perceives higher inflation, anticipates more of it in the near term, and shows increased alertness to monetary policy adjustments. The Bank of England update concluded that while support for the inflation target remains stable, the data highlight subtle erosion in confidence and a preference for easing in some quarters.