Inflation benefits people like your landlord, because his property value increases while his mortgage fees go negative. The bank is basically paying him to lord over you. So maybe he's a nice guy and doesn't make life harder for you when he's doing so well. Equities have concomitantly appreciated in value, keeping the overall economy worth about the same, but the gains get redistributed to more modern companies while everyone else gets washed away in the rising tide. Everything else it needs some time to trickle down and cause some pain before vendors wise up. That arbitrage opportunity is what incentivizes the folks who get the printed money to do it in the first place.