From your own source - the peak was Jan 1978, around $22/hr, which was a small blurb, and more significantly, before women entered the workforce in droves. The pay at 2014 was $19.17/hr.
Since 2014, real wages have increased (see BLS data) and are still increasing. And even the 2014 rate of $19/hr is higher than all but a few years in that entire chart.
And wages is not the same as total remuneration, which has also increased, due to many non-wage benefits companies have added since 1978. See the time series "Total cost to employ" in BLS data to see that.
Finally, demographics also change - the workforce is getting younger (as people are earlier in careers) ad boomers retire, lowering average wage while individuals are still better off. You can dig this out of census and BLS data also.
So, how is this "rampant inflation in cost and deflation in wages over time". It's nearly flat for a long time, and significantly better than the decades before that.
You called it rampant inflation as well as deflation in wages. To go from $22 to $19 over almost 30 years (completely ignoring the other relevant factors) is not a very big inflation or deflation effect whatsoever. Do the math.