I think there is a lot of inflation if you measure it properly. We say inflation is low because we adjust for quality. So they say sure, a car costs more now than in 2000 but it has more features so if you adjust for quality it is cheaper. Same goes for other goods like computers, smartphones, etc. The problem is, the cheaper versions of these goods don't exist anymore, because the more expensive version is effectively required to not handicap yourself.
Similarly, things like housing, healthcare costs, schooling costs, etc. are not well captured by the inflation metric, but have grown wildly in the last few decades.
The purchasing power of the average person is probably worse now than it was in 2007 if you look at what people actually have to spend money on versus the artificial basket of quality adjusted goods used to measure inflation.
