If you take inflation into account, yes. Dude, that was the ENTIRE POINT .....that CPUs haven't changed in price with inflation, therefore, when you take inflation into account, CPUs are cheaper.
Anyway, the celeron 300a overclocked to 450mhz at the time and was equal to the flagship P4 in performance in games. In other applications, perhaps the P4 was better, ...but games? They were equal more or less. But you had to OC it. In context, it was probably better than current i5's while it was relevant. I think maybe you weren't around back then. What celerons are NOW is NOT what celerons were back then. It was a mid level chip that overclocked to flagship performance. The i5 is a mid level chip that overclocks to NEAR flagship performance.(games) Hence the price comparison. Of course you could also buy a P55C Pentium and OC it as well. Now with the celeron line, if you buy a Haswell celeron, you get a weak CPU that will never OC to flagship performance. THAT is why I compared the 300a to an i5. The celerons were not low end junk back then. The 300a was a mid level chip that overclocked to flagship performance, just like the i5 is now.
Celeron's have not always been super cheap junk as they are now. FYI. Celerons have gone from being amazing to not so good to decent to garbage. Currently garbage. The 300a was not garbage, it was an AMAZING chip.