It certainly is that... in fact, IIRC, it's pretty much the only Dwarvish that JRRT translates in the series.
I found that out a couple of months ago. I got tired of all those snooty "learn evlish" sites so I wanted to learn Dwarvish. The problem is that Dwarves keep their language secret except for place names. All I wanted to know was how to say "hello!"