WHAT IS INFLATION?

As by definition, inflation refers to a broad rise in the prices of goods and services across the economy over time, eroding purchasing power for both consumers and businesses.

From the side of consumer, inflation is the gradual loss of purchasing power, reflected in a broad rise in prices for goods and services.
Companies also lose purchasing power, and risk seeing their margins decline, when prices increase for inputs used in production.

For the government, money creation is an economic policy tool through which it redistributes income. But if the money supply grows faster than overall economic growth, inflation will occur.
People with lower-income level have a higher marginal propensity to consume, hence, this group is the most affected by inflation.

For accountants, it implies more work, in order to make the information more clear to the public:
The restatement of information in homogeneous currency is essential to decision making and control, and mandatory in hyperinflationary contexts, according to IAS 29, from IASB - International Accounting Standards Board and IPSAS 10 — Financial Reporting in Hyperinflacionary Economies from IPSAS -International Public Sector Accounting Standard, both standards to which Argentina has adhered.