Inflation is the sustained increase in prices for consumer goods and services (to be brief). And not just one, or two, or three goods and services, it’s across the board.
You said “the effects of inflation (increased money supply)”. Inflation is not an increase in money supply. Inflation can certainly be a result of an increase in the money supply but is not defined by it.
Houses, stocks and bonds are capital assets; they are not consumer goods and services. Prices of these assets appreciate/depreciate typically due to factors other than and/or not related to inflation/deflation. It is incorrect to state than stocks, for example, have appreciated and to call it inflation.
By no measure that would pass muster with any credible economist has inflation been “massive” in the last several years.
