I can believe that.
I hadn't bought a bike for years, and a few years ago managed to pick up a cheap second hand bike for £60. It wasn't a bad bike, but obviously nothing special. After the lockdowns, when every man and his dog seemed to take up cycling, I looked at getting a cheap new bike. The cheapest ones I could find were a few hundred pounds.
I looked at ebikes earlier this year, and the magazines and websites reviewing the cheap bikes were setting a minimum price of £1500 to avoid the cheaply made junk. Even second hand bikes were going for £800+
To put this in perspective, I can get a second hand motorbike for the same price range, and a car for around £1000. Obviously these are not going to be the best motorbikes or cars on the road, but they run, and will last for at least a few years.