No. MR points aren't the real measure. The real measure is the relationship of hotel stays and what you buy on the CC to how much of that it takes to redeem for a free room, which is expressed in MR points earned. If the cost of what is purchased increases, and the dollar cost of the hotel rooms used for redemption increases, the points earned per dollar spent must remain constant. If the points per dollar spent on the credit card were to increase while what they represent, items purchased (not dollars spent on items purchased - in other words, not $1.00 spent, but a widget purchased) also increases, purchasing items would become more rewarding. Each widget you purchase would get you closer to a free hotel night than it previously did. You would need to purchase fewer widgets to get a free hotel night. Let me explain....

• When it comes to hotel stays, taking anything other than basic points awarded per stay out of the equation, let's assume an average stay used to be $100/night. That would mean 1k points/night. If a hotel redemption cost 30k points/night at the time, it would take 30 nights to earn the stay.
  
• If that same hotel night now costs $150/night, due to inflation, the same night at the same hotel in the bullet point above would now only take 20 nights to earn.
  
• If the cost of what the points are being earned for and the cost of the awards room are both going up, the number of points needed for redemption will also need to increase so that all three, points earned - cost of the award to the hotel and points redeemed - are increasing consistently: but the currency used to express this, Marriott Rewards, needs to remain consistent. Changing points earned changes the currency used to measure.
  
• Put another way, without increasing categories, we would be earning points in 2015 value, the hotel would be incurring 2015 costs when we redeem but you would be asking the hotel to keep the redemption in 2010 values.
  
• Applying this to the specific quesiton asked about CCs, the cost of what you are buying are also increasing, so the points earned purchasing the same items are increasing. It does not make sense that the price of what you purchase with those points, which also go up, remain flat. Nor does it make sense that as the prices of these things increase, and the number of items you need to purchase to get a free night remains constant, you should be given more points so that you need to purchase fewer widgets to get to a free night.

Understandably, this is more of a problem for those that bank points for years trying to earn a big reward. The target keeps moving farther away and it's not like the points earned three years ago are invested and earning interest. But that's not really who frequent flyer programs are primarily aimed at, and it's also why points experts always stress you should spend your points, rather than save them. For those who are earning 250k+ MR points per year, the inflation is less of an issue because points earned/redeemed tend to be closer together, so we are less likely to have the issue of points being earned in one currency but being spent in an inflated currency.

It's pretty much the same relationship that causes the price of eggs to go up when the price of gas increases. While a dollar remains a dollar, when the price of eggs goes up, the cost of getting them to the supermarket increases, plus the egg producer has to pay his employees more so they can afford gas. The result is the price of the eggs go up because the price of gas goes up. A dollar is still a dollar, but the value of what is bought and sold with dollars changes. It's the same with hotel rooms and points. When the hotel room and what is purchased with the points increase, the currency, in this case MR points earned since it's based on the dollars spent, remains constant.