The fight against UK inflation is being won – but when will interest rates be cut?

Prices are still going up but the tide has turned, raising expectations the Bank of England may cut rates in response

• UK inflation falls to 3.4% in February to lowest level for two and a half years
• Business live - latest updates

The battle against inflation is being won - and it is being won slightly more quickly than economists expected. Prices are still going up but the tide has turned. Unless something sudden and unexpected happens, the annual increase in the cost of living will be below the government's 2% target within months.

Those are the clear messages from the latest inflation data from the Office for National Statistics (ONS). What is less clear is when the Bank of England will start cutting interest rates in response.