[imtringued]

Heavily simplified:

"High" inflation happens during seller markets. (sellers have more power)

Low inflation or even deflation happens during buyer markets. (buyers have more power)

There, the monetary explanation of inflation no longer makes sense as you can create money in a way that does not turn the labor market into a seller market. The pandemic turns the economy into a sellers market temporarily so it is inflation but it is unlikely to last.

As a bonus: Keynesian economics is mostly about buyer markets, Austrian/neoclassical/neoliberal economics are mostly about seller markets. The theories aren't even competing against each other because they aren't even talking about the same thing.