Yes, that is adjusted for inflation. They raised prices beyond what was necessary to account for increased costs and had record high profit margins, so you had companies like ConAgra foods reporting profits 60% higher than the same quarter the year before, and people accepted it because of the pandemic and stimulus packages (“Biden dumped money in the economy!”) and labor shortages. It made a great scapegoat. Those loans existed before the pandemic, they really don’t account for what happened.

You can find a lot of information about greedflation.