Is the Consumer Price Index a Good Thing?

Economists typically look at a basket of goods and services to determine whether we're having inflation or not. Economists don't count prices of financial instruments. So if prices of stocks or bonds go up, that has no bearing on the inflation calculations. I suspect what's been going on is that as the money supply increased during early part of 2020 and into 2021, much of this money went into financial markets, not into goods and services markets. And what happened? Well, it caused an increase in prices infinancial markets, not in goods and services Markets.