This does seem to be adjusting for inflation; according to one of the sources they cited:

From 1979 to 2020, net productivity rose 61.8%, while the hourly pay of typical workers grew far slower—increasing only 17.5% over four decades (after adjusting for inflation).

That said I think there’s some problems with how inflation is calculated, and the implications of the distribution of total ownership of wealth isn’t really mitigated by increasing affordability of consumer goods.