I think the belief is more that wage inflation is inflationary and v. v. bad, while asset inflation isn't just an entirely good thing, it's the whole point of the exercise.

But for consumers, there's very little practical difference between wage inflation and asset inflation. If I'm in the middle of a housing bubble and spending 60% of my income on a mortage or on rent because I have no choice, the real cost of everything else might as well have increased.

In contradiction to the theory, I'd suggest that the real determinant of inflation is the balance between discretionary or forced spending. The ticket price of individual items is a secondary factor.

If I'm forced to spend an amount on X, that means I no longer have the choice to spend it on Y, and I'm effectively impoverished in real terms, in almost exactly the same way as I would be a by a tax increase.

Wage inflation can have the same effect if it's systemic - but currently corporations have plenty of scope for raising wages without increasing prices, so that hardly applies.