An increase in the supply of money doesn't correlate to the distribution of that increased supply into the hands of consumers (by way of salaries). Prices go up, and the cost burden of those prices are unequally distributed. Raw materials prices are usually first to increase in price and labor costs usually lag. Labor costs are usually determined by supply and demand of available labor rather than underlying raw materials costs or availability of money supply. The ability for governments and companies to borrow at low interest rates usually has a higher impact, but monetary policy uses interest rates to regulate the impact of inflation.