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This chart is enormously instructive, and holds for milder inflations as well. Stocks are terrible "inflation hedges" in the early stages of inflation, because valuations collapse far more than nominal growth helps. They become "inflation hedges" only after sizeable real losses.
"At present valuation extremes, the Consumer Price Index would probably need to triple before higher inflation would benefit stocks, because downward pressure on valuations would vastly outweigh the benefits of higher nominal growth rates." hussmanfunds.com/comment/mc1908…
Here's a 3-D perspective. High valuations+high levels of inflation are followed by poor market returns. High valuations+rising inflation are accompanied by poor market returns. Stocks are great "inflation hedges" once it's already present, likely to fall, and valuations are low. 
