The definition of inflation since the 1970s has changed significantly e.g. owner equivalent rent. What many people describe as inflation is the change in base cost of capital purchases which has demonstrably risen at a substantially faster pace than baseline inflation see housing/car/education/healthcare prices.

Economic thought today is that rising asset prices relative to wages are not a sign of inflation. They can be attributed to lower cost of capital, increased dollar production of assets, lower risk profiles, and other aspects. However when observing housing prices and education prices which have seen declining utility over the years - it may be that we simply lack an appropriate word for the divergence of capital prices from wages, productivity, and risk.

There is an undeniable societal impact of this divergence, individuals become less economically and socially mobile. They maintain a net debt rather than net asset count for longer, they may be either practically or perceived as locked out of societal progress.