For the past three years we have been blighted by inflation and told that, however painful it may be, borrowing costs had to go higher. From next week we could start reading that inflation is in fact now too low, a change of direction that might make little sense to non-economists, or indeed to most people noticing just how much more expensive almost everything is. (Bills, pints of beer, insurance, taxis.) But there is a growing feeling in the City that next Wednesday, April’s CPI (Consumer Prices Index) inflation data will come in at below the 2% target. There’s some question whether 2% is a good target in the first place — plenty of academics say either that 3% would be better, or that we just needn’t be so wedded to the target, whatever we decide it should be. But leaving that aside, the consensus is that inflation hovers around 2%, and maybe ticks back up above it over the next couple of years.Capital Economics is one observer which goes further than that. It thinks that the average rate of inflation between now and the end of 2026 will be 1.1%. If it is right, then the Bank of England...