Who Wins and Who Loses If Inflation Shoots Up

Just about everyone loses with high inflation (not unless you are so rich that price inflation doesn't impact you).  People with fixed term debt don't really benefit from high inflation.  They have to still pay the higher priced items in their daily budget (food, gas, utilities, etc.).  They still pay out the same amount each month for the debt repayment.  They only "benefit" by not having to see that monthly repayment amount increase.  And you have to weigh that against the time when interest rates were low and when they paid much less every month versus having a fixed rate.