The consumers in those times were mainly the aristocracy. Lords needed their land worked and they had to compete with other lords as there weren't enough serfs to go around. Now you can argue that the cost of food would rise too negating their wage increase but I believe part of their payment was a section of the land to farm so they were able to have excess wages that weren't eat up by inflation.

The wages rose so high that the king had to put a ceiling on the wages so the competition would stop.

I say king vaguely because I read into this years ago but I can't remember which country it was. My guess is that it was England or France but my brain is failing me.