Aren’t (pricing power) stocks one of the best hedges against inflation?

Hi all,

I was wondering with all these inflation numbers popping up: aren’t stocks, especially pricing power stocks (food & beverages, utilities, telecom, etc.), the best hedges against inflation?

I get that in the short term everything declines because the money supply will be cut off, but in the long term pricing power companies will just push the price increase to their customers.

For example, everyone will still drink water, use electricity, has connection etc. and eventually wages catch up and 3 bucks for a bottle of water is just the new normal.

Still I see everything, including these pricing power companies, being sold off.

Also counts to a lesser extent to normal companies.