There is some truth to that. If the cost of video games had risen with the cost of inflation, they should be ~$100-$120 for a top game by this point.
Granted, for a lot of games today, by the time you by the DLC/expansion pack/Season Pass that complete the produce, you have spent $100-@120. Personally, I would rather they raise the cost of the game upfront, and do less of the microtransaction model, but that is not the way of things.