I've been watching ukulele prices for a number of years, since first looking into the idea of playing ukulele about 10 years ago. (That's not when I first got started playing, though. Took a while to make the leap.) Prices have gone up quite a bit in the last 10 years.
I don't think it's due to inflation, since they've been steadily increasing over the years, but someone more knowledgeable than I can address whether wood prices have increased that much, (I assume so, but don't know), and other related costs have jumped up as well, including shipping. If a seller includes free shipping, they have to bump up the price of the ukulele to cover their costs.
Some of it may be simply that there is enough of a market for higher priced ukuleles that the prices have been able to creep up. That seems to me to have slowed down a bit, though, since it appears to me that it takes longer for some of the high end ukuleles to sell these days. Just my impression.
There is a market for those who appreciate a ukulele as a work of art, (which is what I consider the Moore Bettahs - IMO people are paying for the inlay as well as a well made ukulele, vs. "just" a well made ukulele.) Fortunately for my bank account, I'm not a fan of fancy inlays.
But we're lucky enough to have well made, good sounding ukuleles at more affordable prices, too.
I think that the market has expanded, with more choices at a wide variety of prices.