Shelter is a "service" whose consumption we call rent. Rent therefore qualifies as consumption expenditure and is included in the CPI. Owning a home doesn't m

Shelter is a "service" whose consumption we call rent. Rent therefore qualifies as consumption expenditure and is included in the CPI. Owning a home doesn't make any difference, you still pay rent to the owner (which in this case is yourself). The distinction between inflation and asset price "inflation" is important because they are not the same thing. Inflation is an increase in the price level, whereas an increase in the price of some assets is that.