Well if we're using the price of gold to measure that there was no inflation (which of course wasn't really the case). To be fair examples are pretty bad, the iPhone 4S and iPhone 14 are not equivalent products, you can get more capable smartphones for $100-200 or less these days indicating that their prices actually went down quite a bit over the period.

It's flawed, but 1x1GHz -> 4x4GHz is literally 16x upgrade, and there was also loss-leader $399 iPhone SE in 2022 much better in performance than $649 iPhone 4S. The experiences(here comes the dodgy part) are way closer between two iPhones than the gap between PIII and Sandy Bridge.