If globally we measure an inflationary market, does that mean that we have globally undervalued the...

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If globally we measure an inflationary market, does that mean that we have globally undervalued the market before?

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In principle the title, but maybe paraphrasing my question as I very much allow for the possibility I overcomplicate / am making fundamentally wrong assumptions:

I understand local inflation (at least I think I do). What I don't understand is how we can have inflation (for me: a devaluation of the concept of money over a period of time) being measured across the globe. If it is a closed system surely the amount of inflation somewhere is counteracted by deflation elsewhere?

What am I missing?

edit: fot source of global inflation:

https://econ.trib.al/Vqhi0Ae

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Posted: 6 months ago
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