That is exactly how the ruling class sees the situation. Gallon of milk $10? Chump change, maybe once it hits $100 it will make for a bit of faux concern table chatter at our $10k/seat fundraising dinner next week. The plebes agitating for $15/hour? Catastrophe.
That’s clearly absurd, and so defining inflation in a way that means it never happens when people substitute goods is also clearly absurd.