Solution:
phpinfo may be showing you memory for the php config for the whole server rather then the shared account you are using. You may not be able to override with your own php.ini due to the main php config file restricting use of php.ini files.
Try adding the ‘define” line below to wp-config.php a few lines of white space below the opening <?php in the file:
define('WP_MEMORY_LIMIT', '64M');
This may be able to override shared settings to give you more memory.