Hint: if your analysis does not involve US counterparties, it can only ever be correct by accident.
As an anecdote example:
* Pre-2021, my house was 160k, with about 10% down, resulting in P&I of about $750.
* Post-2021 (and no significant change since, the same house can probably sell for near $320 (& definitely $290 at the low end). To buy this, you'll need twice the down payment, and even with 10% down, your P&I is now nearly $2000 (due to the higher interest rates and huge principal).
A dollar in 2018 is worth 2.67x more than a dollar today. It's pretty apparent in equities, but also in commodities, and there's no going back to pre-2021 monetary values. "Inflation" may or may not have slowed down, but a lot of people are now stuck until deflation actually occurs or significant salary growth occurs.
> You can blame inflation for part of that.
How so? As you acknowledged, number go up internally doesn't mean number doesn't go down relative to other currency, leaving relative expensiveness the same.