I’ve been guilty of calling the increase in consumer goods as a result of the Strait of Hormuz, “inflation”.
Technically it’s a supply shock.
Inflation according to the Austrian School, is an increase in the money supply.
Modern economists include supply shocks as causing inflation as well.

My thoughts are that once we work through the supply shock we will likely see prices come down for those goods affected.
Many times, there will be an over supply after the bottleneck is over and prices drop.

Any thoughts?