Inflation is just the realization that your balance sheet doesn't match reality. The reason it is delayed is that people can flee into the balance sheet and refuse to interact with the real economy for years. Hyperinflation is what happens when the real economy is gone. Moderate inflation is what happens when the balance sheet is slightly off. Extremely low inflation or deflation is what happens when people pretend that there is no such thing as the real economy. Think of gold or Bitcoin. All hail the balance sheet!

The funny thing about inflation is that if it is high enough to "sting" (2-5%) then people notice the missing wealth in the real world and create it to the best of their ability.

The fact that the money isn't moving, that it isn't entering the real economy is one of the greatest mistakes made by the central bank which is prevented from doing so and the government which refuses to do it for petty ideological reasons.