In some areas of the economy, there truly were inflationary pressures that led real price increases. But there's always the human element and FOMO at play. Once "we're experiencing inflation" became a thing, it also presented an opportunity for other companies in the form of a cover or "excuse" to raise their prices simply to improve margins. "If these companies can raise their prices why can't I?" would be a component of that logic. Kingsford Charcoal* tried this but it backfired - mainly b/c there were other alternative charcoal companies that didn't raise their prices.
* https://www.businessinsider.com/kingsford-hiked-prices-too-m...