But are they paying back debt?
Insolvencies, charges, corporate debt, are at stratospheric levels in the west, especially UK and US.
Robinson Crusoe could not increase his capital, but then it was not possible for him to get into debt. Inflation for him was zero because supply and demand were in perfect concord.
But the financialized or weaponised corporate structure of today is only a step to two away from Armageddon.
It was the brilliant Irving Fisher who proved that " the more debtors pay, the more they owe."
This is why indebtedness is the issue that collapses any economy.
Because the value of the debt increases as fast as you pay it back.
Of course now we have inflation, not deflation, but that suggests that debt is simply not being paid back, but kickbacks to CEOs and their cronies are.
Fisher also proved that wages are NOT a liability for the economy. Indeed working people must be paid more to keep the wheels turning.

I've long argued that price gouging and corporate greed are largely behind the inflation figures. It appears that the IMF might just agree with me!