The price of everyday things - mainly food - is now rising at the lowest level since 2021.
Official data shows inflation eased last month to 3.2% - down from 3.4% - but the fall was slightly less than economists expected.
On the Daily, Niall Paterson looks at what's going on with inflation and what it might mean for interest rates with Sky's economics and data editor Ed Conway - who's in the US looking at the situation there. They also discuss how the UK could be importing inflation from America.
Plus, Niall talks to Russ Mould, investment director at finance firm AJ Bell, about what's happening at the fashion retailer ASOS which says it's becoming "more agile" after an 18% drop in sales.
Producer: Rosie Gillott
Assistant Producer: Iona Brunker
Podcast Promotions Producer: David Chipakupaku
Editor: Paul Stanworth