If you say inflation of consumer staples matters, while inflation of assets does not matter, you are accepting a two tier economy between consumers and asset holders. Stock ownership has become more available recently because of technology, but the more important asset class to most people is housing. That's because housing is also shelter, and by inflating part of the market for shelter - owner-occupied dwellings - beyond the reach of many you increase demand for rentable shelter. I don't think this distinction between two kinds of inflation is helpful, especially when one is considered bad and the other benign.