Right. And the compensation changes associated with going to a different company are almost always better than letting your current company re-evaluate your pay. So if inflation causes people to jump ship to get market-adjusted pay, you now have formerly-productive people now in FNG-mode, which is a much more impactful phenomenon than inflation on its own.

Yes, that's true. But that's like saying "ONLY if you don't lose your job" or "ONLY if you don't get hit by a train."

Exactly. Unless of course your income is so high that day to day expenditures are basically a rounding error. Then you can profit handsomely from other people's misery. The rich get richer, the poor get poorer is particularly true during times of high inflation (so long as not catastrophic).