It does actually account for inflation, at least for US users:

> Adjust these dollar figures for inflation according to the United States Bureau of Labor Statistics’ consumer price index for all urban consumers, United States city average, for all items, not seasonally adjusted, with 1982–1984=100 reference base.

If you're in a country with hyperinflation, sucks to be you. And that still doesn't account for the massive COL differences between, say, Mississippi and Hawaii (which is about 2.2x, according to https://usabynumbers.com/states-ranked-by-cost-of-living/).