We study the distributional consequences of persistent inflation. Using a trend-cycle decomposition and principal component analysis, we identify trend inflation innovations linked to monetary and corporate tax shocks. Trend inflation redistributes resources through debt revaluation, asset price movements, and income composition. Similar trend shocks generate different distributional outcomes depending on their source. Monetary-driven inflation raises house prices and benefits outright owners and mortgagors. Corporate-tax-driven inflation depresses house prices and primarily protects mortgagors through debt revaluation. Housing tenure is the main dimension of heterogeneity; renters consistently experience weaker consumption outcomes because they lack offsetting gains from asset appreciation or debt erosion.