I like the utopian idea of it too, but like you I feel it would just be eaten up by increased costs. Greedy corproations would just soak it all up like you stated. It is a fact. An example of this is look at military installations. Anytime there is a raise in military pay, all the local businesses in the area around the installtions raise their prices. Its predatory.
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I think this is why there should be an increase in corporate taxes that would fund the UBI anyway. Business by definition is set up to be maximising, and without appropriate checks and balances, they will maximise until there is nothing left.