Inflation directly erodes wealth, so the wealthy hate it more than most people. If you had a million dollars in the bank, would you rather be able to buy 300,000 gallons of gasoline or 200,000 gallons?
Inflation also makes businesses less efficient and reduces profits, so investors hate it more than noninvestors.
However, fighting inflation often causes unemployment, so working people are generally more resistant to inflation than those who don’t work (particularly if inflation is accompanied by wage increases). During the last round of inflation, the Fed literally said they wanted to increase unemployment.
Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs… The Fed’s projections show that it is willing to accept over a million more unemployed over the next few years.