I would say that even 5% inflation would be vastly exaggerated. Historically inflation has averaged ~3% and that counts higher then average inflation during the oil crisis.
Over most standardized measures of time, the stock market has outpaced inflation by roughly 7% per year. In other words you would grow your purchasing power by as much every year (on average).
IMO official inflation figures get screwed by two things, one, the price of tech drops like a stone over the years, and buying it is mostly optional, you don't NEED a new TV every year. Secondly the "Basket of Goods" is manipulated in other ways also, oh steak is $15 a pound now, well I guess everyone buys wieners instead then... NO!!! We'll have a basket full of Mr Noodle at this rate. If you're going to do that, you may as well just say that $200 of groceries is $200 of groceries every year.