Is housing hiding inflation in other sectors of the economy?

``In fact in the peak bubble years of 2004 through 2007 the CPI measure of housing only registered a 4 percent year-over-year change. We can measure this against the Case-Shiller Index that was measuring annual price changes across the United States above 15 percent. Can it be that the crashing housing market is underscoring the rising cost of goods in other sectors of the economy because of the heavy weighting of housing in the CPI? That is what we will explore today.''