I’d add that price rises for bread are less to do with the fact that more people have purchasing power, and more to do with the fact that bread today is of higher quality than bread in the 70s.

Ditto cars, appliances, clothes, etc.

I don't think this is the case - I think inflation has caused the cost of producing bread to increase thus leading to higher prices. If anything it seems to me that bread is of lower quality these days - more GMO's and usually mass-produced using factory farming methods.