Sure it is! Just look at post pandemic. High inflation globally can lead to recession when people with flat earnings decide that they can’t afford to spend that money and decide to save. Families decide that they can’t afford to buy a new car or move into a larger house because their collective salaries are 9% less valuable in the US or 40% less valuable in Turkey. The unemployment rate can actually decrease with people getting jobs who were previously retired because now their retirement or social security isn’t providing them with enough to live on and we could still enter a recession if collectively we feel like we need to save instead of spend.