I don't know. While price controls may not work in the long run, if businesses believe that there's a time-limited opportunity to raise consumer prices, you could try imposing time-limited controls until the opportunity is over. You might very well end up with lower consumer prices and thinner corporate margins, or at the very least, slow the rate at which the price increases occur.

Price controls are a pretty big deal though. Especially in a low margin industry you run the real risk of putting firms out of business and damaging supply. They're very dangerous when done wrong.