Yes because inflation is being measured as realized inflation instead of unrealized inflation.
Imagine someone in a basement printed 50% of the money supply; that unrealized inflation has happened, although consumers haven't yet seen it realized in CPI. But once that person starts spending it, it reverbates throughout the economy and becomes realized. Like potential energy in physics.
But different goods inflate at different rates. Bread will not inflate much at all as few are hindered in their bread consumption by money.
Housing will inflate much faster that the rate of money supply increase as you can always own more property. All excess money would go into property and stocks.
If you own a house and stocks, you now have lots more equity to spend, but regular consumption has not increased in price anywhere near as much.
If you don't own a house, your goal just got a lot further out of reach and your salary will not rise accordingly because the prices for consumables didn't rise much and demand did not rise much.
Imagine someone in a basement printed 50% of the money supply; that unrealized inflation has happened, although consumers haven't yet seen it realized in CPI. But once that person starts spending it, it reverbates throughout the economy and becomes realized. Like potential energy in physics.