Debt Asset owners are not protected by inflation.

Potentially including all pensioners.

But that is an argument against privatising pensions, not an argument against inflation.

Inflation helps the owners of productive assets if higher prices allow them to pocket higher margins.

Except when imported raw materials make up a high part of their production costs.

Additionally, when inflation is chiefly inflation of imported food and heating fuel, that will disproportionately hit the poor.

True. But imported inflation is not amenable to fiscal or interest rate policy. The only long-term way to deal with imported inflation is import substitution or reduced dependence on the goods in question. And the short-term solution to imported inflation - interest rate hikes or austerity in order to improve (or defend) your terms of trade with RoW - works at cross purposes with the industrial policy required to reduce your import dependencies.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.