Groceries have increased in price by 50% in the last year. That "extra spending" is coming from money that might go to savings otherwise

Is it inflation adjusted? And even more, purchasing power across a wide range not included in inflation calculations adjusted? Because consumer spending can be at an "all time high" for things that could have been bought much cheaper 5 and 10 years ago, including basics.

My uneducated guess is that they are using credit and “now that the pandemic is over we finally feel like we can live again!”