Perhaps not, but forget about the reported numbers for a bit and consider what you can buy with your euros. Price increases are not 3% or 5% or whatever each country reports. Everything in your shopping bag is up by 30%, 50%, and +100%. And that's a concerning fact. I can't refuel my car to go out and shop for groceries the way I could months ago.
The CPI is downwardly adjusted, we agree on that, but it is not that adjusted. Some items may have gone up by 50 or 100%, but prices in general, no. My guess is that real inflation will be between 15 and 20%. Annual rate in the EU.
If inflation now seems bad to you, you don't want to see a real hyperinflation scenario, which is a minimum of 50% monthly but can be much more.