Despite the highest inflation in 40-years, real wages are higher than pre-pandemic as of May 2022. Real wages in May 2022, as calculated by the ratio of Avg. Hrly Earnings to CPI, is actually up 1.4% since Jan 2020.
Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing the inflation narrative.
Source: U.S. Bureau of Labor Statistics