The main finding of some white papers studies is that inflation with high certainty is mean-reverting. If we accept that assumption and we look at the inflation rate history, we might be sitting at resistance levels and we could see a strong deceleration of inflation in the next months.
if so, the contrarian view would be to now position your portfolio for deflation rather than stagflation.
It is important to point out that this is just a thought, not a prediction of any kind. Views are very divided on the matter and rightfully so.
It is certain to me that inflation is fighting very strong secular deflationary trends.