Investment Appraisal – Inflation

Hello John,

I have a small query regarding Real Method and Money Method.

Normally under the money method, we inflate each cash flow by the inflation rate and we discount using the money rate and the money rate that includes allowance for inflation.
My issue is that if we inflate each cash flow by the inflation rate and then discount using the a rate that includes allowance for inflation; are we not including the effect of inflation twice.

Thanks