When the purchasing power of currency goes down, the people with the most currency actually lose the most, meaning the rich. In this way, there is a flattening effect. In cases of hyperinflation, having 3 million dollars is scarcely better than having 300, and money is revealed to be the apparition that it actually has been all along. The negative impacts of being unable to purchase basic goods and services also acutely affect the working class, but in a lot of cases that's already true in a "healthy" economy.
This is the reason the bourgeoisie is always pulling their hair out about it. It's also only ever used as a pretense to do austerity and extract even more wealth from the working class while cutting basic services.
Since value comes from labor instead of markets or scarcity, inflation also literally wouldn't effect our standard of living in a meaningful way at all if we set in place robust mutual aid networks and centers and divide the labor in a more just way.
When the narratives of capitalist realism and market necessity start to erode, this is actually a good thing, and this is the case with inflation as long as we are organized and prepared to exist beyond the market.
Hyperinflation is when inflation is so high money loses its ability to store value all together. This basically leads to economic collapse and is not favorable for anyone. However inflation would have to be increasing by like 50% a month to reach those levels. By contrast the Atlantic capitalist model demands a slavish dedication to maintaining a 2% annual inflation rate in order to keep a "stable business climate." You want to expand social programs with government spending? Not an option in the west because it increases inflation. The choice isn't between no inflation or hyperinflation, there is a huge middle ground that is not available because of capitalists' political interests
But the thing is as soon as any global south country tries to strike that middle ground and increase inflation, the west will use it against them, and it's pretty easy for them to tip the scales into hyperinflation territory, though economic sanctions, asset freezes and trade restrictions. Combine this with capital flight and it's very easy to end up in hyperinflation territory.
you're right and that's sort of what I am getting at. The west enforces low inflation with imperialism because low inflation is best for the capitalists. Weak countries with weak currencies will be bullied very hard over this as you described, to the point of economic collapse. Inflation there is a weakness to be taken advantage of by imperialists.
Inflation happening in the imperial core with strong currencies like the dollar can't be exploited like that though, high inflation here has the potential to destabilize the entire global capitalist financial system, which for us is a good thing.
Basically all I'm trying to say is the inflation rate is a political and economic tool and each level of inflation will benefit/hurt different people depending on how it is used. It's not as simple as low inflation = good and high = bad. It's only like that if you are a creditor.
This is best summed up my that Parenti speech about western encirclement and defending a revolution. It's not particularly about inflation, but it gets the general things right
https://youtu.be/uThpIDlfcBQ
I think it's this one, couldn't find a better video.