When new money is created, the inflationary effect is gradual. The cronies that get that new money first get to buy stuff with it at the pre-inflation level, at which point the new money slowly starts to push prices up.
Labor is often the last to see an increase in prices. So the cronies get fatter on the new money and prices soar long before working people's wages go up.
Inflation is, IMO, one of the biggest evils in modern polity, and yet we not only allow it, we expect 2% a year.