This is great if you are a pensioner or have money in the bank.
It isn't so great if you have debt. And UK household debt has just hit a record high:
Families have an average pile of debt of nearly £9,000 each, leaving millions vulnerable if interest rates start to rise, a new report has warned.
The figure, which does not include mortgages, soared by £20billion or nine per cent last year to hit £239billion, the report from PwC found.
After years of uncertainty about their jobs and finances through the economic downturn, families are now seeing the light at the end of the tunnel and are becoming more confident about borrowing again.Could get interesting.
Politically, of course, this could be very bad for the British Labour Party. With an election weeks away, zero inflation could really screw up their 'Cost of living crisis' meme.
Which would be a real problem if Labour had not developed several other promising lines of attack.
Oh, wait a minute ...