The only cases you can consider are constant, permanent, and expected inflation, or constant, permanent and expected deflation of course.  All the rest are suprise effects, like changing exchange rates and so on.

Unexpected inflation comes down to an unexpected drop in value of money.  As such, if you had previously exchanged money into something else (like production goods), then you will of course make a benefit when exchanging back into money after its value dropped.

Unexpected deflation comes down to an unexpected rise in value of money.  As such, if you had previously exchanged money into something else (like production goods), then you will of course suffer a loss when exchanging back into money.

That's pretty evident and trivial of course, but that doesn't say anything about sustained and constant inflation or deflation rate.

If you have $1000, and you buy soap with it, and then there is inflation, you were better off with the soap.  However, if there was deflation, you were better off keeping the $$.  So much is evident for an unexpected CHANGE in inflation/deflation rate.