Grades have inflated a bit in my experience as an academic of over 20 years (when I started teaching a first at UG was very hard to get, now it's much more like getting an A at school - hard but several in each group will manage it, rather than maybe one person in a year group).
But!
And it's a huge but...
Academics now are also often much better teachers than eg when I was a student in the 90s.
We have to do teacher training and keep our professional teaching affiliations in good standing (I have two postgraduate teaching qualifications and am expected to be able to publish and present research on pedagogy as well as my own academic subject). The amount of support and structure we give to students now is vastly different to in the past. When I first started students would fail because their work was frankly awful, now we give a lot more extensions and a lot more in-built study skills etc. Very few students submit actually awful work now (and when they do, they still fail).
So, in my experience (at a top 10 uni) there's a bit of grade inflation at the top in that it's a bit easier to get a first for a piece of work now, but the quality of work is also better in general in the mid-range (if less individual and creative), and there are fewer fails because fewer students produce work which isn't up to the basic standard because we do a lot more scaffolding work including pastoral.
(which is not to say that there aren't some academics who aren't good teachers and/or don't enjoy teaching and it shows. Nor to say that there aren't also a lot of us who are overworked and unable to give our students the attention we want to.)