I suspect there are several countervailing forces that will work to hold down inflation.
1. The national eviction moratorium will end, either in June as currently scheduled or perhaps sooner if Judge Freidrich's decision yesterday is not stayed. Once people have to pay rent, they will no longer have funds to drive up the price of other things.
2. COVIS stimulus will end and enhanced unemployment benefits will end, which means people will need to return to work. That should help on the supply end.
3. Raw material shortages and supply chain disruptions caused by COVID will work themselves out as restrictions are lifted.
4. While there may be some pent up demand for a bit, a lot of people have discovered new ways of living in COVID that simply involve buying fewer things. For example, I don't expect to spend as much on restaurant dining as we did before COVID. I'm sure others have discovered there are many spending items that they previously took for granted but have discovered they can easily forgo.
5. There also will be structural changes to the world of work. People have discovered the joys of working from home, and companies may have discovered financial benefits from encouraging that. Since probably 2010 we haven't really needed to travel across country to have in-person work meetings (with all the associated spending), but it took a pandemic to break old habits. When I was with the big law firm in NYC, the two biggest cost drivers were associate salaries and rent. If you can minimize the amount of Class A office space you need in midtown Manhattan, you can greatly cut costs. Also, if associates don't have to commute into the City, you may be able to pay them less. Hence, lower spending on clothing, lunch at a restaurant, hotels, transportation, etc. And maybe lower legal costs (or, cynically, richer partners)
I could be wrong about all of this, but it is something to consider.