Currently, inventories are down, this reduction in supply, consumer demand is up. All are a sign of inflation. Government spending is another reason for the rise in inflation.
The economy is doing well because of the government spending that we have seen since April of 2020. Money in the hands of consumers, lots of stress resulting in buying and spending which in turn creates a demand and that causes inflation.
We will see inflation for at least a few more months, longer if government wants to throw more money out to us.