Looking back in History Yes it's possible
Up until late 1970's - onward, Interest rates and Inflation did not correlate very well..After late 1970's to 2020 interest rates v inflation correlated highly significantly. Why? I suspect it all had to do with the adoption of Monetary Policy..Recently we are seeing Central banks adopting new tools, so, yes it's possible that lower interest rate (at the short term anyway)/higher inflation era can now exist.
This is important for the Stock Market as many "expert" commentators suggest interest rates is the primary driver (not realising or not old enough to remember they weren't before the 1980's) In my opinion it is best to describe interest rates as quasi-drivers to the Share Market which have worked very well over the last 40 years. Apart from the buyers and sellers, the theoretical primary driver of the Stock market is inflation, which has been seen as taking a backseat during the recent low interest/low inflation era ..