While It`s true, this is one of the reasons we ended this gen with better games that cost a lot more to produce costing less when adjusted for inflation.
When costs go up you have 3 choices to break even
I) Sell a lot more to dilute your costs;
II) Reduce other costs;
III) Increase your price.
The "Evil" companies made an incredible job on point I and II, thats why we have much cheaper games (adjusted for inflation) than in the eighties. Thanks to those "evil" folks, we, as consumers, have a much better experience for a lot less.
And those 80`s games more ofter than not were cheapo software made in someones dorm room that todays would cost you almost a 100!
Using inflation to say stuff is cheaper nowadays is not the most accurate way to gauge consumer spending power. Because wages dont grow at the same rate as inflation and neither does the price of goods. By that logic, the price of a $2 gallon of milk in 1990 should be double now, but as we both know thats not how it works.
games make more money now than they ever have. you have direct to consumer selling bypassing retailers and even distribution costs. you have microtransactions that net EA a billion from fifa alone every year. its just greed to charge $70 when they are already making back the $18 on over half of the copies they already sell.