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If it was merely an increase in costs, corporate profits should be neutral after they hike their prices to match. Same ratio going in and out.
What we actually saw was corporate profit margins going to record highs. Some sectors did see actual price increases--pandemic supply constraints, the Suez canal being blocked up by a shipping accident, and the war in Ukraine all did cause upward pressure on prices in some sectors. However, none of it could explain the data fully.
Even worse, those corporations saw 15-20% profit margins for the first time ever, and now their public stockholders expect them to keep doing it forever. This is insane. Big tech firms can see that kind of margin, but they're the exception. Not even banks see those margins on the regular. The belief that they can has driven many of the layoffs from otherwise profitable companies this year.
Corporations used world events as a cover for increasing prices. They had a once in a century opportunity to cover their actions and took it. To be honest, it usually is the case that prices don't just go up as a matter of greed. That's not what happened this time.
You might see that initially, but all of the little supply and demand changes start to inflate the overall value of the dollar, that starts to show up in profits.
Every company is affected differently during times of high inflation. I work for a fortune 50 company that had their earning take a hit because of inflated prices. That said, profit margins for many companies absolutely can and do inflate with the value of the currency.
Your profits are fuel for future investments, and if your finance team is doing their job correctly, they are making sure that profit is adjusted for inflation.
You're ignoring both the rise in demand and the increase in available spending money, and misunderstanding the relationship between profits and price.