Which two groups does inflation penalise most directly?

1. Inflation penalises people who live on fixed incomes, because their money buys less each year. 2. A retired couple receiving a fixed monthly sum can buy noticeably less after a year of high inflation. 3. Inflation also hurts savers, since the real value of a nest egg deteriorates as prices rise. 4. Both groups hold money whose amount does not move while prices do. 5. Borrowers, exporters and shareholders are affected in various ways, but neither of the two named penalties applies to them directly. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.4 Macroeconomics: The Big Picture_