This is an interesting point. We actually have deflationary pressures on the one hand, result of globalization and lower costs for consumer goods, textiles, electronics, etc. CPI seems to be accurately capturing the deflationary impacts of globalization.

Meantime, non-global goods, services, education, healthcare and also various commodities, food, energy, construction materials, etc. have been increasing in price at a rapid clip. CPI seems to be significantly understating pricing pressures in asset, commodity and service-related areas.