Hostels used to be cheaper, what happened to the $25 bunk?

I started booking hostels back in 2015 and a solid bunk in Lisbon or Prague ran me $25 a night, easy. Now the same beds in those cities are pushing $60 with a fan instead of AC, and they still charge extra for a locker. Do you guys think the big hostel chains are just eating up the small ones, or is this just inflation hitting the travel scene harder than I think?

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