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Generally, the elites fear inflation because it leads to revolutions. Other things equal, they prefer inflation to deflation, but they prize keeping their heads attached to their necks above all else.
The revolutions only come if the inflation is too much on the hyper side, so to speak. It looks like people will put up with about 15 - 20% short-term inflation with out too much revolution. I can say, though, that OBiden’s inflation probably caused Harris’ loss to Trump because people rightfully knew where all the inflation problem was originating. The FED was supporting OBiden’s helicopter money type spreading the fiat like manure out of a manure spreader.
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