There's many things CPI doesn't factor. For example house prices: https://www.thebalance.com/consumer-price-index-cpi-index-definition-and-calculation-3305735

There's many things CPI doesn't factor. For example house prices: https://www.thebalance.com/consumer-price-index-cpi-index-definition-and-calculation-3305735 https://www.thebalance.com/consumer-price-index-cpi-index-de... "Note that the CPI does not include sales price of homes. Instead, it calculates the monthly equivalent of owning a home, which it derives from rents. That's misleading. Rental prices are likely to drop when there is a high vacancy rate. It occurs when interest rates are low and housing prices are rising. People are more likely to buy houses when the market is improving. Conversely, home prices fall when interest rates rise. As the housing market deteriorates, people move into apartments. That makes rents increase." Anyhow, the point is that CPI is largely cherry picked data, and the way it factors things can be misleading. I wouldn't be surprised that it doesn't accurately measure people being priced out certain assets entirely.