They can raise wages, and some companies already have (Chipotle). But they will pass that cost on to the consumer and now your worker's raise is negated as inflation eats it up.
The assumes the price of goods outpaces wages raised. NYC minimum wage buys you more McDonalds in NYC compared to Alabama. So the cost of goods in NYC has not risen past the gains in wages.
Inflation is actively managed by the Fed, they can simply constrain supply of money. There's almost no world in which this doesn't happen anyways, given the macroeconomic climate.