This is all true, but in practice end consumer demand tends to be much more elastic for almost everything else in the chain. You don't get to decide not to buy

This is all true, but in practice end consumer demand tends to be much more elastic for almost everything else in the chain. You don't get to decide not to buy toothpaste for more then $2.50 when you run out, you need a new phone when your old one breaks (and not when the price goes back down), etc... Consumers buy products to fill needs, and *needs* are the inelastic part. In particular your "Let's imagine" case is sort of ridiculous. There are no such goods, nor anything even comparable. The very existence of inflation disproves the idea (since if those inelastic goods existed, they'd see demand drop to zero if the price needed to inflate).