It started with the supply chain disruptions during COVID, when higher prices made sense because costs were rising. Higher prices have certainly been good for corporate earnings—and, in turn, stock prices. A jump in oil prices may justify a higher price at the pump, but does it really justify a $12 12-pack of Coke? What they can do is try to slow demand enough to restore price stability and, perhaps more importantly, change inflation psychology. If consumers stop accepting higher prices and businesses begin worrying more about losing sales than raising margins, pricing power starts to shift.