Unless the economy is in a deflationary environment (not good), prices tend to be stable or rising. Wages also tend to be stable or rising. Thus if inflation happens, the relief tends to come from wage gains compensating for it over time -- not prices returning to former levels. There are some exceptions in commodity-driven markets like energy, for example.

One problem with this is that wage gains aren't evenly distributed so some people get the short end of the stick. Another problem is that retirees, who tend to have more fixed incomes, can get hurt badly.

I know you know this stuff -- just pointing out some of the common misconceptions.