Inflation has already kicked for a lot of consumables. If you don't do the shopping try taking a trip to the local supermarket to see the prices there. We pay more per kilo for most fruit and veg than we do for power tools from Bunnings. All the tinned stuff is up, virtually everything really. Isn't that stagflation? Assets down, consumables up.
People expect too much and this reality check will have first home buyers getting flats and whatever they can afford to start with instead of expecting a new 4x2 with new furniture on credit. Very healthy and probably a good time to borrow to buy sound assets such as land. Land is an asset, a house is a liability.
