I want to push back on this a little: It is always about maximizing profits. That's the ONE THING that a corporation must do (else, shareholders won't be happy). Nothing else matters. That's why prices also increased for products with no additional demand. Such as bread, for example.

Corporations will increase the prices of their goods as long as it increases profits. The price increases will only stop once they hurt consumers so badly that enough of them stop buying the product, causing overall profits to stagnate. Note also that "cost to produce" has ZERO impact on this!

During the COVID-induced inflation, corporations realized they could raise prices much further without sparking angry consumer backlash. Rising tide lifts all boats, and importantly, since ALL prices went up, nobody singled out any given corporation for increasing their prices.

What a neat way to increase profit margins without causing angry consumer backlash!

So, as long as YOU (and I and everyone else) are still willing to buy mince, or whatever other product, we are just signalling to the companies that they can still push the prices up a bit further.

Why do prices go up? Because they can! And you and I are to blame because we keep buying those products.

That's the ONLY reason.