Inflation's effect is: the same as a hidden tax.
In the past prices of most everything has risen. While the average wage has not. Tuition costs keep rising as does fuel costs.
The VERY thing that held the scales of balances equally in the past was real estate prices.
Now something has to give. Real estate values have plummeted and the cost of everything else keeps going higher.
So thinking that inflation hasn't set in, is incorrect.
Good news is buying real estate has never been more affordable and for buyers, it's the time step jump in and grab those great deals.