Fantastic News on Inflation! Inflation has dropped to 2.3% it has been announced today. Down from 3.2% the month before This is getting close to the Bank of England’s target of 2%. Although we do expect base rate cuts in 2024 analysts feel this unlikely to happen in June. However, two and five year fixed mortgage rates are still more generous than they were a year ago as lenders predict rate base rate cuts through 2024/25.