Inflation has fallen below 10 per cent for the first time since August - but the speed at which prices are rising has slowed less than expected. The Office for National Statistics says the annual rate at which the cost of living is rising fell to 8.7% in April, from 10.1% in March.

A slower rate of inflation does not mean prices are coming down, rather that they are not going up so quickly, and food costs are still 19.1% higher than a year ago, according to the Office for National Statistics.

Today's Martha Kearney speaks to Dr Sushil Wadhwani, a former member of the Bank of England's Monetary Policy Committee who sits on the Chancellor’s Economy Advisory Council, and to Karen Betts, Chief Executive of the Food and Drink Federation.

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