You have no idea how utterly wrong this accusation is. Up until the Russian bought out Chelsea the top two teams were United and Arsenal, both managers known for showing restraint with wages and player costs. Hell when Ferguson signed Roy Keane at 50k a week people were shocked he'd gone that high, by then people were being paid 60k+ across Europe.
Teams like Chelsea and City have over inflated the transfer market, along with lesser experienced managers and clubs who have allowed players to sign ludicrous salaries before now. Now that the trend has been set other clubs are forced to do the same to retain players.