Inflation is really an indirect measurement of the rate of change in a currency's value. It usually is approximated by sampling the price of a "basket of goods", including labor, real estate, and other commodities. If the prices of those goods are going up, overall, we have inflation.
Sometimes, though, the prices of some things are going up and the prices of other things are going down. In that case, it can be hard to discern between "the value of this good is increasing" and "the value of the money spent on this thing is decreasing".
In the current situation, we have both inflation (by some measures at a ~5% annual rate) and shenanigans in the real estate market (to some extent related to very low interest rates for mortgages) that are causing prices to rocket.
