Inflation and Wellbeing

In June 2022, and in response to the global price increases leading to inflation, members of the World Wellbeing Panel were asked for their views on two statements relating to the impact that inflation has on our wellbeing.

The two statements were as follows:

Statement 1: The rise in global inflation will impact negatively on the wellbeing of the majority of people in affected countries.

Statement 2: Policy responses to combat the rise in global inflation will impact negatively on the wellbeing of the majority of people in affected countries.

Response options for each statement were: “completely agree”, “agree”, “neither agree nor disagree”, “disagree”, “completely disagree”.

There was an almost full agreement with statement 1, 19 of our panelists agreed or completely agreed with the statement, while only one opted for “neither agree nor disagree”. This question has generated more consensus among our panelists than we typically see.

List of WWP respondents

 

References

  1. Di Tella, Rafael, Robert MacCulloch and Andrew J. Oswald. 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness." American Economic Review, 91(1), 335-341.
  2. Welsch, H., Kühling, J. (2015), Macroeconomic Preferences by Income and Education Level,: Evidence from Subjective Well-Being Data, Review of Economics and Finance 5, 15-32 .

About the World Wellbeing Panel