In particular, as I already noted, consumers probably will save more than in the past, reflecting the likelihood that household net worth will be lower relative to income than it was over the past decade or so and that credit, appropriately, will be somewhat less available than during the boom.
Inflation therefore leads to an increase in the disparity between the “haves” and the “have-nots”. Inflation makes forward planning more difficult. A person may, for example, save for his whole working life for a pension, just to find at the end of his career that his savings have been eroded by inflation.