I'm surprised that desire/ability to raise prices doesn't get a representation in that formula. The consumer isn't the only party with agency, after all.
What normally stops this from happening is that 1) higher prices from supplier X shift business to supplier Y (presuming a functioning competitive market) and 2) higher prices decrease demand. But suppliers have been free to increase prices, as much as they want, forever. That's why I have a hard time blaming profiteering for most of the price increases.
This is not at all true and is the direct product of a lack of anti-trust enforcement in the US. We have monopolies and near monopolies in many industries and open collusion between firms on pricing. Most of this would be impossible in a more competitive landscape or one where the Feds did anything other than attempt (and often fail) to squash the most egregious consolidations.
Otherwise shouldn't we expect the inflation to have started before covid?
I'd also encourage you to look at the financials reports from most companies. If your profits increase by 5% at the same time inflation increases by 8% then you're both (1) getting absolutely economically wrecked, and (2) reporting 'record profits.' As companies are motivated to frame their earnings as positively as possible, this can be misleading to people who take those reports at face value.
Not enough labor? Instead of paying more to attract talent, lobby the government to legalize child labor.