We tend to target 2% inflation. Half in 25 years is under 3%, so on target.

That said, I feel like this number is way off, personally, based on changes in housing and food prices between the two times.

Certainly a lot of that inflation was in the last ~8 years. I certainly know what you mean.

Groceries are one of the more discretionary items. Your mortgage is fixed, demand for gas is inelastic, etc. But groceries you respond to the price. And so many staples have become 2,3,4X times more expensive compared to pre-covid. I remember the cheap beef (chuck roast) was about $4/lb and decent steak (ribeye) was about $9/lb. Now its about $10/lb and $22/lb.

So psychologically, now your "splurging" just gets you the "cheap" stuff.

Wages have risen a bit. But 1) not nearly as much as inflation 2) these are very asymetric and 3) the way they rise doesnt feel like wage inflation. Even those who saw wages rise due to inflation probably felt like it was other things. Such as simply changing jobs. Or just normal yearly review. Or maybe they havent switched jobs and have some "unrealized gains" awaiting them still. No one one saw their wages incrementally rise month by month.