The context of the quote was criticism of the Economist pacifism, while Lenin was trying to use the war to instigate a revolution that will end with the deaths of millions

Inflation in Lenin's time was either negligible or astronomical. Just depends on what country and coinage you look at.

I always find it sad when people choose to quote mass murderers and dictators as if they were knowledgeable.

You have access to more knowledge, luxuries, and opportunities than kings in the past. Real wealth is consumption and leisure. Even Marx, though generally wrong, got close to this with his description of use value (he just didn't seem to understand marginal utility or leisure).