In Feb 2020, just before the pandemic hit, my wife bought a Specialized Sirrus with 3X8 Acera groupset and hydraulic disc brakes, for $579. Today the equivalent Sirrus 2.0 with 3X8 Acera and hydraulic discs, is $649. According to
the inflation calculator, that bike should cost me $679 today. So if anything, bicycles have been going up slower than inflation.