I think the missing part is the "narrative of". When the media is already talking about there being inflation, especially when they've been talking about it be

I think the missing part is the "narrative of". When the media is already talking about there being inflation, especially when they've been talking about it being anticipated for a while before it showed up, that makes it much easier for companies to raise prices and just say, "It's just like everyone's saying! It's just inflation! You can't blame us!" That's not the same as saying "inflation means companies raising prices; it's tautological."