The Office for Budget Responsibility (OBR) estimates that British consumer price inflation will average at 2.3% in 2026, according to finance minister Rachel Reeves. This is expected to fall close to the Bank of England's 2% target. Since November, the OBR had predicted inflation of 2.5% for the year. Since then, inflation readings have been lower than expected. The OBR now expects inflation in 2027 and 2028, in line with November's forecasts.