This is true. I know a lot of businessmen who were forced to either shut down their business or sell it at such cheap price due to inflation. It is best to remember that the rich also consumes, they also buy from the market and hence they also feel the effects if inflation especially for their businesses. Yes, they are forced to sell their goods and services higher but it also cost them clients and customers who cannot afford the sudden spike in the rate.
Raising prices during inflation is not so easy, especially when it comes to even companies where competition is very high. In the case of monopoly companies, it is very easy to do this, they raise the price and the consumer has no other choice but to pay this price.
But for private companies with great competition, this is difficult to do, because the consumer has less and less money and there are competitors who have more resources and will keep the price low for as long as possible, not all competitors will withstand this. A declining economy, coupled with high inflation, is bringing tough times for everyone, for business and consumers.