A change in the CPI is a symptom of underlying inflation (devaluation of the currency) but it is not the only symptom which can occur. Capital asset prices risi

A change in the CPI is a symptom of underlying inflation (devaluation of the currency) but it is not the only symptom which can occur. Capital asset prices rising due to changes in the supply and demand of capital assets can also be a symptom of inflation. Different prices may be earlier or later indicators of inflation. Because financial markets are highly liquid, and their participants are close to the underlying source of the devaluation of the currency (the central bank), they tend to be earlier indicators. So to say that an increase in asset prices is not inflation may technically be correct, but it is misleading. An increase in asset prices can be an indicator that inflation is already occurring (e.g. in 2020), and that inflation may take much longer to show up in the CPI.