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The phrase 'the inflation' is correct and can be used in written English.
It typically refers to an increase in the cost of goods and services in a given economy over time, sometimes referred to as a general rise in prices. For example: "The inflation rate has been steadily increasing in recent months, making it harder for families to make ends meet."
Dictionary
the inflation
noun
An act, instance of, or state of expansion or increase in size, especially by injection of a gas.
Exact(60)
If so, where's the inflation?
About the inflation of prices?
The inflation rate plummeted.
The inflation constraint prevents this, however.
The inflation rate exceeded ten per cent.
"We're missing on the inflation target.
The "inflation threat" is a red herring.
The inflation rate has subsequently moderated.
Occasionally the inflation works well.
The inflation rate picks up.
Then there's the inflation angle.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com