I don't know about Ibiza but other Spanish destinations and various airlines tried this price gouge game last January as well.
If you have the bottle and a bit of flexibility on dates, I would hold on. Price comparison to 2019 vs 2023 for 7 nights in June:
THB Naeco - 1,060 vs 1,333 GBP
Ocean Beach - 1,452 vs 1,927 GBP
Mare Nostrum - 1,005 vs 1,271 GBP.
So, uplift is about 30%. It's not horrific but its not exactly January holiday bargain territory either.
Meanwhile for comparison outside of Ibiza (2018 vs 2023)
Melia Puerto Banus - 1,844 vs 1851 GBP.
5 Star Hotel In Tenerife (I go alot) - 1,222 vs 1,039 GBP.