Help me out here: I thought "inflation" was too much money chasing too few goods.

[Sogo]

But now we have too little money. Period. There's no shortage of goods, just higher prices. Why is it being called 'inflation?"

[LisaL]

1. Inflation is the rate of increase in prices over a period of time.

It doesn't have anything with the shortage of goods.

[ret5hd]

2. probably truly closer to stagflation

[Wounded Bear]

3. I think we're going more into stagflation...

Where prices keep rising while wages are staying the same or even going down.

[anciano]

4. Yes, the shelves are full (at least for now) ...

but the cost of getting those items to the shelves is now increasing rapidly.

[stopdiggin]

5. the price of producing, then delivering, goods is increasing (and projected to continue to increase)

at every step in the chain. Prices go up - as costs go up.

It is not a conspiracy - and it is not a bumper sticker/classroom slogan.

[Fichefinder]

6. I get what you mean, but the wealthy have so very much that our little bit just doesn't count

They can now exclusively buy and sell to each other without our involvement

[ProfessorGAC]

7. Assuming Your Construct Is Accurate...

...it's the same thing in either direction if cost to produce goes up.
But, that's an added factor & your description of inflation has only one cause & one effect.
Inflation is far more involved than "x therefore y".
In fact, the application of 2 dimensional thinking toward a multidimensional system is what got us supply-side economics.
The economy just isn't that simple. This one thing leads to that one thing just doesn't work in a system as complex as a nearly $30 trillion economy.