According to the Bureau of Labor Statistics (BLS) median weekly earnings of the nation’s 111.5 million full-time wage and salary workers were $984 in the fourth quarter of 2020 (not seasonally adjusted). This was 5.1 percent higher than a year earlier, compared with a gain of 1.2 percent in the Consumer Price Index for All Urban Consumers (CPI-U) over the same period. (Reference: https://www.bls.gov/news.release/wkyeng.nr0.htm )
On the surface this is great news. Wages were up much more than inflation by a large margin.
In reality the median wage was higher because many in the lower half of the median point lost their jobs and are currently unemployed. Thus, the midpoint of these 111.5 million full-time wage and salary workers slid towards those earning higher wages and are still working.
On the topic of CPI-U, I have not analyzed all the data but in many areas of the country home prices have gone up 10%. So if it costs a young couple $20,000 more to buy a $200,000 house, what does it matter if the price of eggs, milk and bread only went up 1.2%.