Back blaze is one of the OG “cheap cloud” storage providers.
They buy cheap stuff and develop cheap storage networks to charge cheap prices and stay in business. They publish entire papers on running cheap storage if you’re interested. It’s actually pretty interesting stuff.
They raised prices 20% (or $1). Hardware costs **may have gone down that much, but I’m willing to bet their energy and rent prices haven’t. They’re subject to services inflation just as much as anybody else.
Frozen pizza prices in my area have increased more in the last year than their services.