Analyst Peter Boockvar says the divide of opinion on inflation mirrors the divide between opinion holders, who fall into three broad groups: low-income earners, high-income earners and central bankers.
"Two percent inflation is only to the benefit of central bankers that feel that that gives them room to ease," the Lindsey Group analyst said. "The last thing central bankers should be rooting for is higher inflation," especially in the context of what he called an "epic bond bubble" at risk of bursting.
The 2 percent rate of inflation the central bank has insisted on keeping only serves to hurt consumers, especially those earning less than $75,000 a year, Boockvar told CNBC's "Squawk on the Street" on Friday.
October's University of Michigan consumer survey showed sentiment and expectations indexes slipping, particularly among households with incomes below $75,000, Boockvar said, which he partially attributed to the impending presidential election.
While the survey suggested maintaining low inflation would eventually raise consumer confidence, Boockvar said lower-income households would prefer small deflation to offset costs.
Putting himself in the position of a person earning an income of $75,000, Boockvar said he "would love deflation. It would raise the purchasing power of my money [and] it would lower my cost of living."
Someone on the other side of the income spectrum who earns $10 million a year and owns property would want something different, Boockvar said: "I want higher real estate prices, I want higher stock prices, I want higher bond prices, I want asset inflation."