It turns out the supply & demand story of economics is basically horseshit, and if you look at how the economy works scientifically - which in this case just means paying attention to what actually happens and letting that shape your theories rather than demanding that your theories are correct and patching them ad-hoc to pretend you were always right - then essentially inflation is caused by price setters just hiking prices.
https://strangematters.coop/supply-chain-theory-of-inflation/
This is a decent interview with the authors where they also talk about how orthodox economists gatekeep their theories and launder other's theories so they never have to admit they were wrong:
So yeah, you're not crazy, it is just corporations using their price setting powers to shit on us, and economists giving them cover.
Did you see someone shoplifting? No you fucking didn't, narc.
EDIT: Okay, so just grabbing a top level comment to dispell some misinfo.
Stealing baby formula to onsell online does happen: https://www.nytimes.com/interactive/2018/05/02/magazine/money-issue-baby-formula-crime-ring.html
Parents stealing baby formula out of desperation also happens: https://www.huffingtonpost.co.uk/entry/the-desperate-reality-of-stealing-baby-formula-because-you-cant-afford-it_uk_64635704e4b09eef8308cfc6
The problem here is that baby formula is something people need to feed their babies, and our society has decided that if you don't have enough made up arbitrary tokens, you don't get to feed your baby.
If I don't know 100% that the person I saw stealing baby formula is doing it as part of a crime ring, then I'm not going to ruin a parent's life because they did what they needed to feed their baby. Even then if the crime ring is selling it at a discount then I don't particularly care to stop them either.
If you want to tell people that shoplifting is such a problem and you want to focus on the crime rings and ignore the poor people, your priorities are messed up. Also none of you know how to source your claims. Also, don't start with some BS about how nobody ever does it to feed their baby, that's just false.
In conclusion:
Did you see someone shoplifting? No you fucking didn't, narc.