Comment by refurb

Examining which part of the supply chain put their prices up seems pointless unless it sheds light on why that part of the supply chain in particular could put their prices up.

Excellent synopsis.

Price discovery is not perfect and not instantaneous. It often overshoots in both directions (see stock prices). And as you said, there is a constant upward pressure on prices as a part of profit seeking. It’s the downward pressure of competition and other factors that keeps it in check.

Inflation disrupts this equilibrium. It's not only profit that drives price increases, but also cost of goods, which can vary frequently.

There is a strategy in pricing as well - sometimes it makes sense to take a 10% price increase if cost of goods sold has increased 5% and is expected to increase another 5% in the near future, rather than take two separate price increases. Factors like that can cause an overcorrection which takes times to reverse if costs don't go up as expected.

The cause of the disruption is where the focus should be.