Not directly in line with inflation, no, but inflation was out of control and I wouldn't expect that they would.
The point was more that just because salaries haven't increased with inflation doesn't mean that the product in question is expensive in today's terms when looking back at a previous product (in this case One vs 360).
Very simple to do but if you calculate the 360s value in real terms add on the cost of the Kinect (approx) and factor in the difference in exchange rates between now and then (say just a very arbritary 1:2 -> 1:1.5), it gives you a good idea of the what you're dealing with. What you'll find is that the cost of the console is what I would consider to be fair... not saying it's worth it because that's different but it's a fair price when you look at it objectively.
Of course the above doesn't take into account any reduction of production costs involved between One and 360 but it's more an estimation to form an opinion rather than an exact science.