Hedonic adjustment as it's called and the weird games governments play over housing is a part of it, but not as impactful as you'd think (I looked into this som

Hedonic adjustment as it's called and the weird games governments play over housing is a part of it, but not as impactful as you'd think (I looked into this some time ago). There's unfortunately a simple reason why costs like housing and education can explode without triggering inflation - if everyone reallocates their spending to these two areas, they are buying less in other areas. Less demand = lower prices. That is, a rise in prices in some areas does not imply inflation goes up even if those areas are very important. That said I do think the "mystery" of where the inflation went is easier explained in other ways. It's not housing or education necessarily. It's debt and stocks. The bulk of the money poured into investment assets that aren't counted in inflation stats at all.