More specifically, it punishes the savers who have their saved wealth in cash. Those that store their wealth in productive assets, like ownership in a company or real estate, are free to raise prices to keep track with or even exceed the rate of inflation.

Then you can take it one step further: If you indebted in cash or cash equivalents to buy productive assets you get to double-dip: your debt gets reduced by inflation and your productive assets aren't any less productive and their income/growth will adjust. Your overall buying power will greatly increase.