The last time inflation was this low, shoppers' baskets were overflowing with Swiss rolls, shell suits and tins of luncheon meat. Yum.
Back in 1989 when those records began, the Berlin Wall fell and Thatcher celebrated a decade in power. There was a new broadcaster in town as Sky got off the starting blocks, and on the BBC we watched "Dirty" Den Watts leave EastEnders - although Harry Potter actor Daniel Radcliffe didn't tune in. He’d only just been born.
Liverpool won the FA Cup, but they lost the league title to Arsenal, and the famous fatwa was issued on Salman Rushdie over his book The Satanic Verses.
Economic growth had fallen to its lowest level since the previous recession in 1981, while unemployment fell below seven per cent for the first time in eight years and the average house price hit £61,495, or £133,881 adjusted for inflation.
In October 1989, findings by the CBI sparked fears of a recession - and indeed, a year later, the UK entered one.
Some things never change though. Tube strikes brought the London Underground to a standstill for a day and the Band Aid single was vying for, and got to, number one in the charts.
The final year of the 1980s is when current records of inflation began, and for the ONS measure of prices, the closest we have on record is the 1987 basket of goods.
While tracksuit bottoms are a staple in our current baskets, back in the late 80s, a time famous for its shell suits, the measure included the full tracksuited look. including jacket.
By 1987, CD players were included alongside vinyl records. Technology to shout about then included the clock radio and the colour TV.
When it comes to changing culinary tastes, the basket of goods shows luncheon meat, choc ices and Swiss rolls were du jour, compared to 2014 when courgettes, garlic bread and drinking yoghurts made the grade.
And who wasn't drinking Martini in 1989? Well, everyone (apart from Dirty Den).