Earlier quoted context omitted.
This is true, although the "rule" in this case isn't entirely inconsistent: life -> lives wife -> wives elf -> elves half -> halves leaf -> leaves
Except chief -> chiefs brief -> briefs Maple Leaf -> Maple Leafs (Canadian Hockey team)
Rather than throwing up your hands in defeat and saying, "The English language is totally inconsistent; the only way to learn it is to memorize each arbitrary word form," the key is to familiarize yourself with these patterns so that at a minimum you can make a better guess next time.
Hopefully, WA learned today not just that the plural of "life" is "lives" but that, in general, when a noun ends in -f or -fe it usually changes to -ve. So if tomorrow he sees a sign that says "5 loaves of bread for $1" it won't catch him off guard like the title of this submission did.