Economically, inflation hurt. Real wages may have come up to compensate, but you get the inflation first, and then, some time later, then you get the wage increases. It still hurts. Even if the wages increase more, it still takes some time to recover.
Emotionally, it's not just the pain (and the remembered pain) from the inflation. It's Clinton calling people "deplorables". It's Biden calling them "garbage". It's the feeling that the Democrats have abandoned the working-class people - abandoned them for a couple of decades, in fact.
Trump speaks those peoples' language. He understand their sense of rejection and abandonment. Those are the people that the Democratic party claimed to champion, but the party took their support for granted, and championed a bunch of identity causes that the working class doesn't identify with at all.
Turns out ignoring and insulting your long-term base isn't a good way to win.