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Boom! Prices only go up, deflation is rare and of small consequence. So now what? Inflation's under control, and still dropping I believe, but as you said, WAGES.
OTOH, wages seem to have gone way up around here in the last 5-years. $15 was unthinkable for unskilled labor in 2019 (locally!), now it's close to the bottom of what one can expect. 2 people making $15 could just about make it in this town, except...
Housing is straight fucked. Between immigration, legal and illegal, the "inhouse" birthrate, corporations buying up housing and the AirBNB type owners, we can't handle this. Hell, in my lower-middleclass hood, we got lots of housing going up! And half of the units are duplexes, forever rentals. (Weirdly enough, they're very nice, but still.) For some reason, many of those projects suddenly stalled, started and stopped before the foundations were laid.