I think there has been a reasonably large amount of inflation in terms of the real value of many assets at a national level. It has been counterbalanced in part by the deflationary pressure of the US being the global reserve currency that everyone wants to have their money stored in during trying times, and reduced spending.

However, I think that national inflation often doesn't give a complete picture, and the more significant effects of inflation are often localized closer to the money. A lot of the insane COL in the Bay Area is an example of this. Exactly where is closest to the money in this instance is difficult to say.