Partly. But mostly because the means of production (the technology) radically changed the rules of…
Your second paragraph is the point. Technology gains have always caused deflation in any sector through history. But up until recently, the…
Partly. But mostly because the means of production (the technology) radically changed the rules of production and enabled a 10,000X increase in supply. From 10 gallons of gas to 10,000 gallons of gas.
Your second paragraph is the point. Technology gains have always caused deflation in any sector through history. But up until recently, the amount of deflation (the impact and scope of technology) was small enough not to show up in the numbers. Now, as technology is accelerating (both in impact and scope) this is no-longer the case.