"Overall inflation" refers to the general increase in the prices of goods and services over time. It means that, on average, things become more expensive, and the value of money decreases. Full definition
So, overall inflation in the economy influences the mortgage rates substantially as lenders try to earn a stable income without compromising on their profits under inflation as well. (syndicatemortgages.com)
For example, college expenses are increasing more rapidly than the rate of overall inflation. (us.etrade.com)
However, we must be mindful of the risk that a further rapid depreciation could push overall inflation higher relatively quickly. (bankofcanada.ca)