Temporary bouts of inflation have arisen in the last two decades, prompting questions that result in lengthy webinars and white papers on the matter as those bouts materialize. On the surface, concerns about inflation appear valid. After all, the notion that higher inflation leads to higher borrowing costs, therefore increasing cap rates and applying downward pressure on valuations, is a simple concept to latch onto and cause worry. In addition, the massive injections of liquidity that governments and central banks have deposited into the global economy over the past dozen years add support for concerns of runaway inflation.