Public Awareness of Inflation Rates in the UK
Public awareness of inflation rates in the UK is low, as revealed by a survey conducted in October 2021. The study indicates that only a small percentage of UK adults, men, and women are informed about the recent inflation rate announcements. Additionally, there is a lack of knowledge regarding the Office of National Statistics' preferred measures of inflation, with most respondents being unfamiliar with the designated indicators. The survey also highlights the limited interest in actively seeking out inflation rate information among the general public. Overall, the findings suggest a need for better education and communication regarding inflation metrics in the UK.
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Presentation Transcript
Measuring Inflation- Public awareness On behalf of Better Statistics 17thNov 2021
Public awareness of inflation rates are low %age who heard about the inflation rate for August 2021 35 % 30 % 26 % UK adults Men Women Did you hear about the recent announcement of the inflation rate for August? Base:2,001 UK adults. Fieldwork dates: 15th-19th October 2021.
Only one in five who heard about the inflation rate correctly recalled what the rate was What do you recall the inflation rate to be? 0-0.9% 1% 1-1.9% 3% 2-2.9% 6% 3-3.9% 22% 4-4.9% 11% 5-5.9% 2% 6-6.9% 0% 7-7.9% 0% 8-8.9% 0% 9-9.9% 0% 10%+ 5% Don't know 48% What do you recall the rate to be? Base:609 UK adults who had heard about the August inflation rate. Fieldwork dates: 15th-19th October 2021.
Few people actively look out for the inflation rate %age who normally look out for the inflation rate 31 % 24 % 17 % UK adults Men Women Do you normally look out for the inflation rate? Base:2,001 UK adults. Fieldwork dates: 15th-19th October 2021.
Most of the public do not know the ONS preferred measure of inflation Which of these measures do you believe are now preferred by the Office of National Statistics as the best measure of inflation? 69% 13% 12% 4% 2% CPI RPI CPIH RPIJ Don t Know Which of these measures do you believe are now preferred by the Office of National Statistics as the best measure of inflation? Base:2,001 UK adults. Fieldwork dates: 15th-19th October 2021.
The public are more familiar with RPI and CPI %age who are familiar with the following inflation initials 31% 20% 2% 1% RPI CPI CPIH RPIJ Which of the following sets of initials you are familiar with? Base:2,001 UK adults. Fieldwork dates: 15th-19th October 2021.
Just three in ten think the inflation rate is a good measure of how the prices of goods and services have changed In general, how reliable a measure do you consider the inflation rate to be of how the prices of goods and services in the economy have changed? 100% 2% 3% 4% 90% 24% 26% 28% 80% 70% Very good Good Neither good nor poor Poor Very poor Not sure 60% 33% 35% 50% 37% 40% 9% 11% 3% 30% 13% 4% 20% 5% 29% 21% 10% 13% 0% UK adults Men Women In general, how reliable a measure do you consider the inflation rate to be of how the prices of goods and services in the economy have changed? Base:2,001 UK adults. Fieldwork dates: 15th-19th October 2021.
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