No, that simply isn't possible. Slowing inflation means price continuing to rise.

wages increasing faster than inflation means that effective (sometimes called "real") prices fall.

If in year N an item costs $1000 and you earn $10k a year, but in year N+M the item costs $1100 but you earn $12k a year, the real price of the item has gone down.

Yeah, except we're talking about returning to pre-Covid levels. Not whatever you just made up.

That would imply prices return to the previous levels. That will never happen with inflation.

No, it doesn't mean that at all. Real prices are a function of the ratio between the cost and earnings. If earnings rise faster than cost, real prices fall.

Now, whether or not that's a likely scenario is a separate question, but it is absolutely not impossible and has happened before.

Have you ever been into a store and had them list the price of an item as 0.00389% of your annual income?

Of course not. That doesn't make what I said false.

Have you ever had anyone say "cars cost so much more now, they were only $800 in 1942" and be taken seriously? (or whatever similar example you want to use)

Inflation has been going on basically constantly for centuries. Nobody is really expecting to buy a coke for a quarter or anything again, but people are expecting the prices to not grow 10% every couple months so that they’ll be able to switch to a job where things will feel affordable again (since jobs offering fair wage increases are basically a thing of the past).

Nobody would complain about $10 bags of chips if they made 4000x that a month.