Odds of Bank of England interest rate cut strengthen after inflation falls to 2.8%

The odds of the Bank of England cutting interest rates in May have been strengthened after inflation cooled by more than forecast last month. In a boost for Rachel Reeves on the day of the chancellor’s spring statement, the Office for National Statistics said inflation as measured by the consumer prices index eased to 2.8% in February from 3% in January. City economists had predicted a modest decline to 2.9%, after a sharp rise from 2.5% in December amid mounting pressure on households from higher energy bills and the rising cost of groceries. The figures indicate prices are continuing to

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