Yes, INFLATIONS is a Scrabble word!

Letter values in Scrabble US: I 1, N 1, F 4, L 1, A 1, T 1, I 1, O 1, N 1, S 1.

Is it a valid word?

INFLATIONS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a general and progressive increase in prices
(cosmology) a brief exponential expansion of the universe (faster than the speed of light) postulated to have occurred shortly after the big bang
lack of elegance as a consequence of being pompous and puffed up with vanity
the act of filling something with air

Also: rising prices, ostentatiousness.