I listened to PMQs (Prime Minister's Questions) at Westminster during the week and caught some of the parliamentary row between the Prime Minister, David Cameron, and Labour leader, Ed Miliband.
In the face of even more positive economic news and a further big fall in UK unemployment levels, Ed Miliband was doing his best to rain on the PM's parade by suggesting that falling living standards are the real problem - with the average family in the UK worse off by £1,600 since 2008 according to Labour.
David Cameron countered by arguing that Labour's figure (£1,600) was incorrect and did not, for example, take account of the tax cuts that his Coalition Government had delivered in recent years, by raising the level at which UK citizens start to pay tax from to £10,000 in 2014.
Now whatever the truth of the figures being bandied back and forward it seems pretty clear that living standards for lots of people have fallen - because the national wealth or GDP of the UK took a huge hit back in 2008 when the economic recession struck.
So, if the country as a whole is worse off, then it stands to reason that a large number of citizens must have been affected as well - otherwise the arithmetic simply doesn't add up.
But what struck me as strange is that neither Ed Miliband or David Cameron pointed out the most obvious thing of all which is that Labour's figure of £1,600 does not take any account of people's housing costs - and whether the 'average' UK family is paying a mortgage or not.
Because the issue of housing costs clearly makes an great difference to the cost of living since the cost of housing (mortgage or rent) is normally the biggest single item of expenditure in the 'average' family budget.
Yet since 2008 the cost of UK mortgages have fallen dramatically while the cost of renting has continued to increase - in which case why do the main parties at Westminster pretend that a debate about the cost of living does not make any sense without considering the cost people have to pay to put a roof over their heads.
The reality is that some people's housing costs are significantly lower than they were 6 years ago - while others have seen their housing costs continue to increase.
Cost of Living (4 December 2014)
In recent weeks the Labour Party has shifted the focus of its political attacks on the Coalition Government.
No longer does Ed Miliband argue that the economy is stalling or flatlining - instead he says that the benefits of the economic recovery that appears to be slowly gathering pace are not being passed on to hard working families - and that the UK is experiencing a cost of living crisis.
Now clearly this is not true for everyone and while there may be people who struggle to pay their bills and/or put enough food on the table - lots of others are actually much better off because of the artificially low interest rates the country has been experiencing since 2008.
For example, anyone with a large mortgage may be thousands of pounds a year better off - even if they are in a job where the pay has increased very little, if at all, over the past few years.
So it stands to reason that the people facing a big hit to their standard of living has to be someone without a mortgage - someone who pays rent - because their housing costs will have gone up rather than down since the UK economy went from boom to bust.
All of which means that all this talk of a general cost of living crisis is untrue - and that a much fairer policy would be one which targeted help on citizens paying rent because they have not been fortunate enough to have been handed a big financial windfall - courtesy of nothing more than a sudden and fortuitous collapse in interest rates.