For the first time in my lifetime there was no inflation in the month of February. Of course the prices of some things rose but the prices of other things fell and as far as people can measure by the Retail Prices Index the rises cancelled out the falls and that means some other “firsts” such as
- Any money people had deposited in the bank in real terms increased in value, because UK banks are not yet charging negative interest; mostly money in the bank in the past fifty years has decreased in value after taking into account inflation interest and taxation on interest
- Saving now becomes more sensible than borrowing for younger people, at least while there is no inflation
- Future interest rate rises are unlikely while there is no inflation
- Life becomes just a little bit simpler.