OK. There are two reasons for inflation; they might actually be called “good inflation” and “bad inflation”. “Good” inflation takes place when there’s growth in the economy, consumers have more money, and prices increase. This tends to be quite moderate. It’s also not especially harmful because it’s accompanied by real growth in production and employment.
The other kind, paper inflation, is caused by artificially decreasing the value of money by non-productive exercises such as stock speculation, land speculation, or the arms trade. This kind is the more harmful because it’s not accompanied by real growth. Things cost more not because of greater production, but because money is worth less.
I realize this is controversial and am prepared to defend it on request. (A good primer is “Armaments,” “Land Speculation,” and “Inflation” from Saul’s Doubter’s Companion.)
The problem with governments fighting inflation is that they do it by increasing interest rates, which reduces the money available for investment in new growth initiatives and therefore strangles the productivity which leads to “good” inflation. This is instead of trying to restrict paper inflation (speculation, arms trades, and whatnot). It’s like saying dieting means eating less, and then cutting all the meat and vegetables out of your diet and leaving only chocolate bars.