Per the NYT, PepsiCo increased its profits significantly even though its sales, by volume, decreased. The reason: price increases well in excess of inflation. Or, if you like, greedflation, the phenomenon The Economist says doesn’t exist.
I have no idea why consumers view Pepsi products as premium products, but for now, it appears they do. Greedflation will continue as long as it works. At what point will consumers wise up and switch to equivalent, cheaper products? Your guess is as good as mine, but I don’t think it will take too long.