This kind of rebuttal to the Austrian school is often based upon a misguided idea of monetary neutrality. Inflation does not happen everywhere in the economy at

This kind of rebuttal to the Austrian school is often based upon a misguided idea of monetary neutrality. Inflation does not happen everywhere in the economy at the same time - this is called the Cantillon effect and is a central pillar of Austrian Business Cycle Theory. You are right, there is very little inflation in the consumer price index (at least nominally), but there is a significant amount of inflation in assets and other parts of the economy that are relatively close to the central bank/printing press. Inflated Silicon Valley salaries, maintained by an influx of VC money bidding up the price of labour, are a great example of this.