YES
https://www.theguardian.com/environment/article/2024/jul/26/food-price-inflation-corporate-profit
It reveals that while you may be feeling the pain from high prices at restaurants and supermarkets, many companies making and selling the products are doing remarkably well. Most have seen their profits jump as they continue raising prices on customers, the analysis found.
Some companies say they have no choice but to pass inflationary pain on to consumers. Others, however, acknowledge they are exploiting the inflationary atmosphere to raise prices, or to shrink product sizes, a strategy dubbed “shrinkflation”.
Meanwhile, companies spent billions rewarding investors with stock buybacks that drive up stock value.
Menu and grocery store prices may remain elevated. In earnings calls, executives detail plans to maintain high prices even as some costs are falling.
I thought if we made workers poorer then it'd force a more competitive environment! How did this basic core macro-economic principle of neo-liberal economics fail us?!