Usually, yes. However you can substitute lower quality ingredients, or you can implement a "shrinkflation" strategy:

https://steemit.com/money/@dedicatedguy/shrinkflation-sellin...

You can also manipulate prices at scale where you raise the price of some goods in the CPI basket while lowering others keeping "inflation" or CPI "low." If the marginal profit on the goods you're lowering was already relatively high and the marginal profit on the goods you are raising was low, you could find a point of arbitrage where you come out ahead on profit without moving the needle on inflation.