The main purpose of the study is to evaluate the association between the inflation and price of assets in boom and depression in Pakistan. The economic condition of the country goes from the different phases like boom and depression. The monetary policy also tends to be changing with the shifts in the economy. The inflation rate of the country tends to increase in the depression periods which also effects on the assets prices as well. Therefore, this study has been conducted to identify the relationship between inflation and prices of assets considering the economic phases like boom and depression. The study is conducted using the quantitative research design with the secondary data. The data has been obtained for inflation, stock price, and exchange rate and gold prices through different websites. The data has been collected on the quarterly basis from the period of 2012 to 2020. The time series data analysis has been conducted using STATA software. Based on the results obtained from the ARDL test has revealed that the stock prices, exchange rate and gold prices are significantly related with inflation rate considering the interaction of crisis. Therefore, it is concluded that the inflation rate and prices of assets are significantly related considering the boom and depression in the economy.