I think it was a footnote in The Intelligent Investor (Graham) that mentioned inflation could be seen as a benefit for government, by reducing the value of the national debt.

Now official inflation figures are still quite low (around 2.5% from Bureau of Labor Statistics [1], unless I'm reading it wrong or not looking at the right chart), but from personal experience I think these figures are being lowballed significantly. Compare for example the cost of buying a condo in a major city or the price of a cup of Starbucks coffee - both have easily outpaced a 2.5% increase.

[1] https://www.bls.gov/charts/consumer-price-index/consumer-pri...