Inflation is normally shorthand for "basket of goods" inflation, which notoriously /does not/ include housing costs. That's how we've had "low inflation" whilst

Inflation is normally shorthand for "basket of goods" inflation, which notoriously /does not/ include housing costs. That's how we've had "low inflation" whilst having a bubble in housing and equity, because these forms of wealth are excluded. Which works out because you can have a mostly silent concentration of wealth without people screaming about this big indicator.