There is no inflation according to this chart. The chart is inverse of inflation expectation.

“ProShares Inflation Expectations ETF seeks investment results, before fees and expenses, that track the performance of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index.
Designed to provide exposure to 30-year breakeven inflation (a widely followed measure of inflation expectations).
The fund’s index is designed to be sensitive to changes in breakeven inflation. It is not designed to reflect CPI or other measures of realized inflation.”