Prices don't just 'go up.' The value of a dollar goes down. That's inflation, and the effect is functionally a tax on cash, wages, and savings.
The people hit hardest are the ones who hold most of their wealth in cash or fixed income. That's usually renters, retirees on fixed pensions, and hourly workers whose paychecks lag behind price changes.
Assets that reprice, homes, stocks, commodities, tend to keep up. So inflation quietly transfers purchasing power from savers to owners. That's not a conspiracy. That's the math.