There is no inflation essentially.

Inflation is widely recognized by economists and authoritative sources as an ongoing economic condition where the general price level of goods and services increases over time, reducing the purchasing power of money. Sources such as Investopedia define inflation clearly as a decrease in money's purchasing power reflected in rising prices. Recent expert analyses from Stanford and the Hoover Institution acknowledge inflation's presence but discuss its causes, effects, and the likelihood of future trends rather than denying its existence.hoover.orghoover.orgInflation: True and Falsenews.stanford.edunews.stanford.eduThe ‘Grumpy Economist’ on inflation’s causes and cures+3 more

Historical perspectives show periods of low inflation but do not support the idea that inflation is essentially nonexistent today. Discussions on Reddit and Quora clarify misconceptions about inflation's meaning but affirm that inflation is a real economic process.reddit.comreddit.comr/AskEconomics on Reddit: Is it true there was almost no inflation in the US...quora.comquora.comIs it true that inflation does not exist and it is just a decrease in the value...+1 more

Therefore, the statement ignores substantial evidence that inflation remains a relevant and measurable economic reality.