The last time inflation was this low, shoppers' baskets were overflowing with Swiss rolls, shell suits and tins of luncheon meat. Yum.
Prices fell 0.01 per cent in March, figures published today by the Office for National Statistics revealed. Although that figure means inflation is still technically zero per cent, it's nevertheless the lowest since records began for the second month in a row.
What was life like back in 1989 when those official records first began and inflation was last at zero?
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 - a far cry still from the £179,492 average these days
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 big-haired and shoulder-padded 80s 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 made famous for its high-shine and hugely fashionable shell suits, the measure included the full tracksuited look, including jacket.
By 1987, CD players were included alongside vinyl records. Technology to shout about back 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).