Most things have labor as 25% of the cost of making them. Meaning if they double your pay, they would have to raise the cost of products by 25% to cover that. You get twice the pay and pay 25% more.

Raising wages is inflationary, but not 1:1 like you suggest.

Inflation means the money you have is worth less

your boss should give you more money to compensate

the company now has more money going out than before

the company has to raise prices on its product/service

you still cannot afford things with the raise you were given

your boss should give youmore money to compensate