Exactly.
Except for the part about the value of a dollar dropping by 10% combined with the price of everything denominated in dollars increasing by 10% not mattering to anyone that isn't a currency speculator. It'd matter greatly to everyone who has any asset or liability denominated in dollars (bank accounts, loans, CDs, accounts receivable, pensions, unemployment benefits, etc.). And it'd also matter greatly to anyone who has to pay taxes, due to the [[tax on the inflation tax]]. And, it'd also matter to anyone who imports or exports anything.
Good point, you have to factor in interest rates as well.