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

manchestereveningnews.co.uk:

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.

The Office for National Statistics will publish the latest Consumer Prices Index (CPI) inflation data for April on Wednesday (May 22), with economists and homeowners hoping it will cause the central bank to lower rates.

Inflation has been gradually decreasing in recent months, providing relief for households and businesses who have been grappling with rapidly escalating prices.

According to a consensus compiled by Pantheon Macroeconomics, CPI inflation is projected to drop to 2.1 per cent in April from 3.2 per cent in March.