Inflation doesn't effect manufactured consumer goods it mainly relates to natural resources. Quite the opposite is true. Manufactured consumer goods decrease in value over time as production costs come down, hence a 32" tv would have cost you £1000 ten years ago can be bought for less than £200 today. That's a extreme example because the LED TV industry has more R&D, new technologies, improvements in processing and mass production savings than any other industry in the world but the same thing applies on a lesser scale.
The factory that started making these saws 10 years ago would have started small, maybe they made 500 and bought 500 motors in from Shenzhen XYZ motor company and 500 cast iron tops from Nanjing ABC Metalworks. Then it was 1000, then 5000. 5 years later they are pumping out 25,000 a year as they have had 5 years to market, do trade shows, grow the business into new areas, employ new sales people. They they start making their own motors and casting their own tops to cut costs further and so on and so on. Unless the cost of cast iron or sheet steel rises drastically the cost never goes up.
As you say your wages have more than doubled in the last 10 years because you gained experience, got promoted or was given more responsibility. Nobody in the same role in the last 10 years is earning double purely in wage rises. In that time the Consumer Pricing Index has risen 20%. That is to say that across all sectors of the market including housing, services, consumer goods, fuel, entertainment etc prices have generally risen 20% although often most of this is down to fuel and housing. Salaries during that time have risen around 15% on average. But that's an average and senior and CEO level positions make up a massive amount of that number. One CFO salary rise is more than a 1000 average Joe's combined.
All things considered with the cost of manufacture coming down and the average employee costing 10% costs should roughly break even. But even if everything was 20% more expensive I could live with a SIP 01332 costing me £600, but not twice the price it was 10 years ago.
You mention the consumer base has shrunk for consumers that can afford these items, you are right, but it has shrunk because they have doubled in price.
