While the rate has been falling over the past year, it has remained higher than some economists had forecast and this has pushed back expectations of when the Bank will cut rates.

The most recent inflation data showed that prices rose by 3.2% in the year to March, although the figure released this week is expected to see the rate drop close to the Bank’s target of 2%.

When the Bank of England held rates earlier this month, its governor, Andrew Bailey, said it needed to “see more evidence” that price rises have slowed further before cutting interest rates.

However, Mr Bailey added he was “optimistic that things are moving in the right direction”.

Fixed mortgage rates fell sharply at the beginning of the year as financial markets forecast that the Bank could cut rates a number of times in 2024.

Since then, mortgage rates have increased and remained volatile, as financial markets follow developments in the US where inflation has also not fallen as quickly as expected.