Exactly. Inflation is calculated based on a basket of goods that excludes all kinds of expensive and illiquid assets that the average person doesn't buy often o

Exactly. Inflation is calculated based on a basket of goods that excludes all kinds of expensive and illiquid assets that the average person doesn't buy often or at all. I guess it's fine if people want to describe that situation as low inflation with an asset bubble. But I think what is actually happening is that, although much of the world now gets to eat well and enjoy consumer goods, all kinds of assets (property, artwork, luxuries and anything requiring rare resources) are moving up and up out of people's reach).