[bko]

There are huge inefficiencies with high inflation, even if predictable.

For instance, if you know your dollar is worth considerably less every day, you're more likely to go spend it on things that you may not need as long as they retain value. Barter is inefficient as well. You'll be willing to wait on line as soon as you receive your paycheck. You'll fill up your tank more often. There's expenses with adjusting people's pay to account for inflation and keeping track of what a "reasonable" price should be or whether you're getting fleeced. I agree uncertainty is a huge problem, but even high anticipated inflation is a huge pain in the ass.

That's not even considering the capital controls that are often put into place that prevent you from holding stable assets. So you're stuck holding this depreciating asset or you're bending over backwards to buy as much stuff as possible to retain you wealth.

[empalms]

That’s the argument - higher inflation is correlated with lower levels of price stability and hampers one’s ability to predict. Other commenters have also (rightly, I think) pointed out the ‘stickiness’ of wages in the short term being an additional reason to take seriously even moderately higher levels of inflation