Generally speaking, there is about a 3% inflation rate every year here in the USA. Doesn't seem like much but in time, it becomes significant. Around 30% a decade. Yes, stuff does get more and more expensive. (Wages also go up or at least they are supposed to.)
On Google, we can find Inflation Calculator. It is interesting to see the value of the 2021 USA Dollar compared to 50 years ago.
Back in the mid 60s, a Fender Bass was about $300. That would be about equal to $2,500 in today's money.
On the other hand, today we can buy a Squier Bass for about $330 which in mid 60s money would be about, $42. As an old "boomer", let me tell you that there were no $42 basses back when I was a kid.
So, in a way, music gear is cheaper today than ever before.
Yesterday, in Columbus, Ohio Craigslist, I saw someone selling an Ibanez Bass for $25. That got snapped up quickly!
So, today a USA made Fender is more or less selling for about the same price as it did in the mid 60s, when we take into account inflation.
Used gear is the best value!