Inflation in the UK is about to tumble. But how far – and for how long?

Jeremy Hunt is unlikely to claim victory over inflation this week, as the rate is expected to rise again around the expected time of the election. Photograph: WPA/Getty Images

Jeremy Hunt knows it. Rachel Reeves knows it too. The Office for National Statistics will come bearing good news on Wednesday when it releases the latest inflation figures. The only real question is just how good the news will be.

In the year to March, annual inflation as measured by the consumer prices index stood at 3.2%. The figure for April will be a lot lower and if Hunt gets lucky it might even fall as low as the government’s 2% target.