Corporate Profit Margins Have Contributed to Recent Inflation

There's mounting evidence that corporate profit margins have contributed in some way to the recent inflation. One of the most detailed empirical studies on this was done by Mike Consul who's a macro economist at the Rose Veld Institute and he looked at firm level markups right so how much firms are marking up prices over costs. A member of the Federal Reserve Board of Governors has mentioned in a couple of speeches that they've observed rising profit margins well in advance of any rising costs whether labor or other input costs including retail.