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The poorest members of society are disproportionately indebted and so they will disproportionately benefit from having those debts reduced by inflation.

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Chile has a separate currency called UF that is inflation adjusted. The UF is used to denominate almost all loans to middle class. While they are earning generally in pesos but their debts are in UF and hence not reduced by inflation. The poorest members do not have access to loans at all.

The poorest members of society are not disproportionately indebted: they don’t have mortgages or student loans like the middle class.

The interest rates on their debt is generally higher than inflation, so they're still losing, just losing fractionally less than they were before.

Those without without debt are also losing, less than those with debt, but still losing.

Only people winning are the people with enough spare capital to 'participate'

the interest on debt will take into account inflation, so as a poor individual with debt, inflation doesn't help you.

All interest everywhere "takes into account" inflation, which is part of why I don't get how anyone gets so worked up about it.

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