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Also significant inflation = higher stock prices, while your principal would only decrease in value if you buy bonds.

I've always thought that inflation causes stocks to suffer, for a couple reasons. One, higher interest rates on government bonds means risk free interest rates can approach, or even exceed, the typical expected return for the stock market. Second, inflation reduces consumption, which reduces profits.

Short term that might be the case. However longterm (as long as the economy continues growing) you would still expect nominal earnings and revenue to increase at least at the same pace.

Also it varies a lot by sector, consumer staples for instance have been doing quite well over the last year.

If you have double digits inflation and can’t/don’t want to buy foreign currency the stock market is probably the best place to be. Just look at Turkey:

https://tradingeconomics.com/turkey/stock-market

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