inflation in consumer goods might not be high, but financial assets have clearly inflated: a quick look at gold denominated SPY shows it.
(I am only half-joking here, the point is that broad inflation is much much more important than some bull market in this or that asset class)
On a more serious note a lot of commodities are looking really bullish, including some foodstuffs, and that's obviously not good news ...
Real estate bubble -> High deposits for house purchases -> High rents -> Effective inflation
Most governments don't include real estate (or even rent payments) in their inflation calculations to keep it artificially low.
Housing is > 40% of the US CPI: