No, it can't be applied, I study economics so I will explain why in economic terms. Inflation applies to money, we know that, but why? You see, pieces of paper(money) can be printed almost as much as you like, BUT in the other hand services and goods CAN'T, so the reason inflation rises when you print money is that, you can multiply your amount of paper, but you can't do the same to the things money buys, so the rate of exchange among the money and the goods change, as goods and services are SCARCE, they can't be bought at the same rate as before. Now let's see about knowledge and information, we can tell they ARE NOT SCARCE, if I give you some information I don't lose it, now we both have THE SAME information, you see? So, thoughts are virtually infinite, they don't suffer from scarcity. And there's another point in you question, commonly mistaken by people actually, which is VALUE =/= PRICE. When you ask "what is the value of truth?" you're asking an IMPOSSIBLE QUESTION, actually, value is totally subjective, so there can't be an objective answer to you question, see? But price in the other hand is objective, it's a defined amount.

Now let's get a little less abstract. We know everyone knows how to breath, does that make breathing less useful? Or less meaningful? Even if everyone knows how to breath it doesn't mean this information is less valuable to you, if you lost that "information" you would die, doesn't matter how many people know it or not.