Also keep in mind that if an oil company sells gasoline at $3 with a 10% margin, they will earn 30 cents gross. But if they sell gasoline at $4 with a 10% margin, they will earn 40 cents gross.
If profits were flat that would be true, but profits do not appear to be flat.
https://fortune.com/2022/03/31/us-companies-record-profits-2…
U.S. companies post their biggest profit growth in decades by jacking up prices during the pandemic
Projections for the first quarter are for lower corporate profits.
https://www.ft.com/content/e347aae3-8098-4f82-a97a-28d17769f…
But inflation would only be one of the contributing factors if that prediction is true.