If you read their research you will see that the reason corporations raised prices was because of future anticipation of costs rising - inflation.
https://www.kansascityfed.org/research/economic-review/how-m...
https://www.kansascityfed.org/research/economic-review/how-m...
https://www.ippr.org/media-office/revealed-how-powerful-comp...
https://www.axios.com/2023/05/18/once-a-fringe-theory-greedf... ("In March, the chief economist at UBS Global Wealth Management, Paul Donovan, published a note on "profit margin-led inflation," describing how in late 2022 and into this year, companies — particularly retailers and consumer goods makers — convinced consumers that they needed to raise prices. (They didn't really.)"
https://www.interest.co.nz/business/122533/paul-donovan-what... ("Paul Donovan on what profit-led inflation is, how it happens and how to combat it")
https://www.federalreserve.gov/newsevents/speech/brainard202.... ("Retail markups in a number of sectors have seen material increases in what could be described as a price–price spiral, whereby final prices have risen by more than the increases in input prices."
https://www.nytimes.com/2023/07/13/business/pepsico-earnings... | https://archive.today/RgxsB ("Price Increases Lead to Big Jump in Profit at PepsiCo")
Yeah of course corporations were racking in cash, so were consumers.
You are confusing the manifestation of inflation (rising prices) with the cause of inflation (more money on the table than hard value underneath it). Yes, rising prices perpetuate inflation (a price-price spiral as mentioned in the research), but the root cause of inflation was not corporations suddenly learning of this new tool called "raising prices". It was a reaction to the unrivaled level of economic stimulus pumped into the economy.