@bmorechick Clinique is maybe a step up from drugstore as far as department store/Sephora or Ulta prices.
If it's been that long since you've purchased eyeshadow or other makeup, you did miss the price increases. There are many drugstore palettes by Milani, NYX that are much less epensive than the Clinique palette you posted. If in the market, you may want to check those.
No eyeshadow is not pigmented dust. There are binders, oils, silica in shimmer shades. Talc and mica also give the shadow covering power. Titanium Dioxide give the shadow its opaque quality. Then don't forget the cost of packaging, product development, advertising, etc.
I like those neutral shades and can understand if you feel it's expensive given it's been so long purchasing a palette.
BTW. all cosmetics and skincare as well as almost all goods and services have had great price increases.