Is there anything to suggest these increases are reflecting the increased baseline price of RAM, GPUs, etc?

I mean don't get me wrong, this for sure is a factor but like others said, other services don't see such drastic price hikes.

There are actually two separate pricing increases. One was introduced about 1-2 months ago. The one from today was announced at the end of May, without actually revealing new pricing then. The new levels were made public today or yesterday, I believe. And they are much bigger than before, some hikes are well above 200%.