Meanwhile, we have Jerome Powell telling everyone that any inflation is temporary, and they have no plans to increase interest rates. This to me is a clear consequence of the fed.gov being borrowed to the hilt. They can't afford anything above near zero percent interest rates, so the fed games the system to protect that. Which leaves savers no choice but to gamble in the vastly overinflated equity market to generate retirement income. And when the house of cards falls.....
As to the definition of inflation, as has been pointed out, building materials, steel, oil, food, housing, basically everything is increasing rapidly, but I can buy a 19" tv for $50, so I guess there's no inflation.
And getting further back on topic, I've heard a number of stories of banks refusing to loan at numbers necessary to support the current building material cost due to a fear that they'll be upside down on loan to value if prices correct. Result: projects unfunded and grinding to a halt.