[P.O.E.]

Agree there is aggregate deflation, but the devil’s in the details of what’s in the basket used to calculate inflation. I posit that there is considerable erosion of purchasing power in consumables (especially when combined with lower wages).

[JasonC]

30% of American household sector costs are real estate, whether mortgage payment or rent.

It isn't complicated. Higher costs of a box of cereal just don't compare with half priced houses.