Whatever is going on in “inflation” is a drop in the ocean of what’s really going on. They could say inflation is at 0% for that matter. For evidence, consider that it takes A LOT more dollars to buy the same amount of gold. Gold itself has the same value its always had. Its the dollar that’s become much much weaker. Along with gold, is silver and oil.
Ding! Part of this is too many dollars chasing too few goods mostly due to China. But you are right: a big part of this is the falling dollar and people shifting away from it to other assets. We see it as inflation from our perspective, from theirs is dollar freefall.