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Stuff like this is why the headline Econ stats do not actually reflect reality.
Sure, there's lots of room for critiquing how the media and the investor class focus on stats that are not actually representative of things on the ground for fairly complex mathematical/economic reasons, but that conversation requires people to have a Masters on Econ to understand.
What does not require this is the much simpler: They do not take personal debt levels and credit scores into account.
People say things like 'inflation is going up' 'i cant afford as much as i used to' and ... the main actual reason for this is usually that they're drowning in debt, but are either unaware or don't want to admit it.
This is a country where 54% of adults read and write at below a 6th grade level. Probably a comparable amount can't actually do their own budget.
...
It doesn't matter if your wages go up 2% in a year if you had to spend that year buying groceries on credit to not starve, and those all have 16 to 36% interest rates.
https://www.nbcnews.com/business/personal-finance/buy-now-pay-later-daily-essentials-groceries-young-adults-rcna141718