CPI inflation is now nearly double the Bank’s 2% target.

Analysts are now predicting an August rate cut at the earliest.

Industry experts predict that rising inflation could curb future Bank Rate cuts this year.

The IMF has also downgraded UK growth forecasts by 0.5%.

However, industry experts believe mortgage rates may remain stubbornly high.

However, the OBR has upgraded its forecasts for the following years.

Annual core CPI inflation eased to 3.5%.

A hold was widely expected today due to rising inflation and strong private sector wage growth.

Just 14% think that three more cuts before the end of 2025 is still realistic.

Inflation has now almost doubled since September, when it was 1.7%.