What inflation? CPI is currently negative.
Additionally CPI tends to be a lagging indicator. In other words it is a good way to determine if we have just seen massive inflation. The stock market is forward looking, meaning analysts are considering future risks in pricing the assets.
This is true, but various parties have been predicting a large increase in inflation in the US for years and years and they keep being wrong. I expect them to be wrong again this time too.
But we'll see!
Anything with inelastic supply has gotten more expensive by an average of about 3% every year for the last decade: health care [0], education [1], real estate [2]. That's 50% higher inflation than the 2% conventional target, and arguably after the revelations of 2008 one might justifiably expect even lower than 2% natural inflation.
Then there's the very rapid rise in the price of stocks which is itself a form of price inflation (it takes more money to buy the same share of the productive economy).
Anything rich people/institutions hold or supply in exchange for dollars from laborers has gotten more expensive at a substantially-higher-than-normal rate.
[0] https://www.in2013dollars.com/Medical-care/price-inflation
[1] https://www.in2013dollars.com/College-tuition-and-fees/price...
When we talk about the rate of inflation we aren't talking about the cost of health care or education or real estate or really any other particular good. We're talking about the value of money.
I'm just saying that the nature of the problem isn't runaway inflation. It's a different problem than that.
I will leave you with this — do you think there might be a reason why the conventionally promoted inflation definitions and measures allow rapid increase in cost of living on fixed income to be called "not inflation"? Do you think that's a good definition, if it means someone with a fixed future cash flow can now buy a smaller stream of future goods? What/who is served by sticking to these (IMO gerrymandered) definitions of "value of money"?
We've gone deep enough and I will leave my contribution at that (though obviously feel free to reply). I too was educated on these technical definitions of inflation and I have become extremely skeptical of them as I have seen the mismatch with lived reality.
Edit: I won't make any more points, but I will say that I consider the implications in the response below here uncharitable and unresponsive to the points above.
I do understand that there are others with this point of view including, apparently, you.
I have tended to notice that people who believe these things don't tend to defend them on technical merits but tend to retreat into accusations against the rich and powerful instead, because of course that group of people must be pulling a fast one on everyone else. I do not find these sorts of arguments persuasive.