Inflation statistics have the same problem. They typically don't include house, stock or bond prices. At best, they include some convoluted and highly questiona

Inflation statistics have the same problem. They typically don't include house, stock or bond prices. At best, they include some convoluted and highly questionable derivative of house prices like estimated rents. At worst houses don't affect the indexes at all. This leads to a situation where central bankers are publicly saying "hmmm, we've done massive QE but there's no inflation, what a mystery" whilst the average punter is seeing housing and stock market bubbles inflate right in front of his eyes. It causes people to tune out: headlines like "inflation statistics hit new low" are placed right next to "house prices reach record highs".