Most of our inflation has been due to the drop in mortage rates as a result as the ECB rate cuts. Mortage Interest accounts for about 6.67% of the overall CPI and is down 48.4% in the last 12 months. If we take this single price out of the CPI, the inflation is (only) -2.4% and the -6.5% the full CPI shows. Mortgage Interest is the main difference between the CPI and HCIP measures of inflation.
Of the remaining -2.4%, food, clothing, and transport account for 1.85% of it. The prices of most other categories have been relatively constant.
Given the nature of our current inflation it is hard to see how the real rate of return is much higher than the nominal interest rate. Mortgage interest has to be excluded and as stated people generally don't save to buy food.
There are some areas where money in the bank will provide more "bang for your buck" when it is withdrawn but it is not a general trend (yet!).