This is the prevailing logic but it should also be mentioned that only a relatively small fraction of the least few years’ inflation is attributable to consumer spending, wages, and employment. A large share is due to what is basically price fixing among the large monopolies, taking profits together rather than undercutting one another. Liberals call it price gouging but this is something that doesn’t happen very much under non-monopsony economic conditions. All it takes is one undercutting company to ruin the scheme, after all. Capitalism inherently produces monopsony, of course.