All prices (but not wages - in case of low income people) are rising with inflation. The rich don't store value as currency, so there isn't any transfer of value because they don't own this kind of asset, just like inflating dollar does nothing to my euro holdings. Actually, since the only thing rich people own that's denominated in currency is debt, rich people get richer thanks to inflation. Inflation is making it worse for poor people; rich people would have stopped it a long time ago if it made them lose value.