Oil has an outsized impact on how inflation is measured, so prices not growing faster than inflation when oil prices are high still leaves lots of room for them to grow rapidly. As well as that, for most people, things going up in price is already a problem whether or not inflation is higher, especially when inflation's so far above the target rate of 2%. If it was just a short blip of inflation being above 2%, then it wouldn't be so bad, but because it was really high for a while, lots of people already burned through any buffer they had.