Cost of living eases as inflation set to fall close to Bank of England target

Experts are forecasting that UK inflation is set to fall close to the Bank of England's 2 per cent target for the first time in nearly three years, sparking hopes that interest rate cuts may be imminent as the two-year cost of living crisis begins to ease.

Pantheon anticipates services inflation to decrease to 5.4 per cent in April from 6 per cent in March. Experts suggested that April's data could be pivotal for the Bank, which has been awaiting solid evidence that CPI has hit its target level before it can reduce interest rates. "The result is that headline inflation will, we think, dip below the Bank of England's 2 per cent target in May's data due in June and stay there for most if not all of this year."

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