To have fire, you need oxygen, fuel and heat. To have a bubble, you need marketability, money/credit and rampant speculation.
A pencil is made of cedar, graphite, factice, and wood. How these raw elements come together into a pencil is a testament to the power of the prices to provide dispersed knowledge which forms the basis of cooperation without coercion.
Want a simple heuristic to gague whether we have persistent inflation? Look no further than the price of the $1.50 Costco Hot Dog combo.