Economists hopeful inflation will hit 2% target this week

Inflation could reach the Bank of England’s 2 per cent target this week, boosting the chances of an interest rate cut in June.

On Wednesday the Office for National Statistics will publish inflation data for April that is expected to show the pace of price rises falling to within touching distance of the target.

Many City analysts expect a reading of 2.1 per cent, down from 3.2 per cent for March. The Bank also expects the rate to hit 2.1 per cent.

However, some experts have said there is a strong chance that the rate will match the elusive 2 per cent goal, thanks to weaker food and energy price increases. Ofgem, the energy watchdog, lowered its cap on household fuel bills by nearly

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