youbet
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The thing about inflation is that it is a permanent loss, never to be recovered from.
This is an important concept some folks struggle to understand. But, yes, we always seem to have some level of inflation going on while periods of deflation are almost non-existent historically.
FIRE'd a mere 12 years, and in a period of relatively low inflation, DW and I already note spending on non-discretionary items (utilities, real estate taxes, repairs, essential transportation, etc.) is up significantly since their levels at the time of our last earned income in 2006. We don't expect these things to ever recover (go back down in price). I'm glad we planned for that.
OTOH, our investments did fully recover and grow following the so-called Great Recession. There's no guarantee that's how it will go next time, but we can always hope!