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Technology is a dramatic counterexample. 1999's ASCI Red 1-2 teraflop supercomputer cost $46,000,000 1999 dollars. A 2 teraflop 2022 iPhone 14 costs $800. Even if you nitpick the computation comparison, there's still a 5 order of magnitude reduction in cost.

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Tech is the exception that proves the rule, rather, advancing so fast that the concomitant price deflation outpaced inflation seen in other sectors.

There's an interesting chart that shows how inflation has been distributed very unequally in the economy over the last 20 years. Things like healthcare and housing where the supply is legally/artificially constrained (thus preventing natural price deflation) have seen the biggest increases.

https://www.investors.com/wp-content/uploads/2018/03/CPIChar...

This is only until Dec 2017. The world is a lot different after Covid.

Car prices have definitely shot up quite a bit.

Things that are hard to produce or rare typically keep pace with inflation. Tech becomes easier to produce over time due to improvements so it does not keep pace with inflation and typically deflates.

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