Inflation never disappeared; it is only misstated. Its true definition would be the loss of purchasing power suffered by revenues not indexed to stock markets. This two-tiered purchasing power is bad for growth.
The economy used to be all about consumers and their salaries. Now it is largely about the level of stock indices, an indicator used by countries to convey the «wealth effect». This wouldn’t be a problem if the former fully reflected the latter, except that it doesn’t.