The process would simply be less efficient: the price signals for resource allocation that are pretty clear at present would be more difficult to detect under conditions of higher inflation. Indeed, that is one of the problems high inflation brings.
Yellen, Janet (2015). “Inflation Dynamics and Monetary Policy,” speech delivered at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, September 24, https://www.federalreserve.gov/newsevents/speech/yellen20150924a.htm.