The bad economy and the high prices of products, is this an oxymoron?

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It seems ridiculous that our economy in the US and most of the world is in a shambles and yet, at least here, the prices keep going up. How is this possible? In Economics 101 I was taught that the rule of supply and demand says, when there is not a market for goods the value and price must go down. But, lately it seems like the greedy industrialists want to make the big bucks by raising prices so even if only the rich can buy their goods they still make a profit. I believe we can only fight this greed by boycotting these high cost products until the merchants are forced to lower the prices. Does this seem reasonable?