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Until they stop printing money and devaluing the dollar...
Too many people think inflation only means price increases. That's just a symptom. If banks and governments keep flooding the market with cheap loans and subsidies, you're inflating the money supply, meaning you're adding more money into circulation.
The more money sloshing around the more you'll need to purchase goods (hence why your dollar starts to devalue)... And hence price increases.
And no government is doing enough to solve inflation, even with these rate hikes.
If it was just devalued currency the corporations would also be dealing with a devalued currency and not recording record profits. That's one of the reasons getting a handle on it was such a challenge.
Are these record profits adjusted for inflation? As in, are they earning more or is it nominally higher?
My logic being, overhead gets more expensive as the currency diminishes. Companies raise prices (which you're seeing) to offset that. And then nominally, yes they'd be making record numbers. Like Zimbabwe, they made record numbers when they had hyperinflation. Didn't mean they were doing well.
And yeah I mean it's not just devalued currency, there are a lot of factors that go into inflation. But Id say it's one of the biggest contributors for sure.
Interest rates stayed low for too long and people borrowed up to their eyeballs (corporations included), pumping a lot of currency into the market. That's got to account for something no?
Yes, that is adjusted for inflation. They raised prices beyond what was necessary to account for increased costs and had record high profit margins, so you had companies like ConAgra foods reporting profits 60% higher than the same quarter the year before, and people accepted it because of the pandemic and stimulus packages ("Biden dumped money in the economy!") and labor shortages. It made a great scapegoat. Those loans existed before the pandemic, they really don't account for what happened. Inflation driven by corporate gouging had never been seen before like this.
You can find a lot of information about greedflation.