I call that "hidden inflation", and if I were to guess, the ongoing degradation of services across the board, in every aspect, can easily account for actual inflation figures being half of what it feels they should be.

It's the tiny things. Like, you visit a beauty salon or restaurant today, and compare it to the same or equivalent place 5 years ago. PDF menus instead of paper. Apps for booking instead of support staff. Leaflets where there used to be magazines to browse. No complimentary coffee. Kitchenware that used to be pristine and high-quality, is now the cheapest offering for commercial wholesaler. There's less light, worse decor, no music (or louder music, to boost turnover), worse sound-proofing, etc.

Sure, the prices are the same, or maybe little higher. But the overall quality of service - not just direct service, but whole experience and ambiance - took a nosedive, so you pay a little more, for much less.

You start looking for it, and the slow decay of everything becomes apparent even on the scale of months.