First, I refer to “greedflation” because it is a simple term in common usage that is widely understood, but it doesn’t completely capture the complexity of the phenomenon. We don’t live in a world of the just price; companies are entitled to increase their prices and profits as much as the market will bear. Consumers have the power to avoid greedflation by switching to other products; if they don’t, it’s on them.
Second, greedflation is only possible in a society that is both prosperous in the aggregate and unequal. There would be no point in trying to sell “premium” products to a large, but struggling middle class; no one would buy them.
Third, prices are far less sticky than wages, so if you argue that the companies that are jacking up prices are just reasonably anticipating future wage increases, you’re probably just a right-wing apologist for aggressive corporate behavior.