Inflation is a measure of economy whether shrinking or growing but mostly inflation results in shrinking of the economy.
It results in increase in prices of the day to day commodities.
It also increases the interest rates, loans and other means by which the people are borrowing or lending money. Thus, hurting regular people more.
It creates confusion, uncertainty leading to less investment and low international competitiveness.
It leads to decline in income called as stagnant wage growth.