UT, not necessarily. A lot of the inflation came about through the multiplier effect of the fractional reserve system. That worked well when borrowings were increasing. If we are now seeing a contraction in borrowings, with money being repaid and not reborrowed, then the monetary system is contracting (deflation) and all the printing by the CBs is to try to bolster the supply.
In the good times, a dollar deposited with a bank could result in the lending of nine dollars under the FR system. The trouble is, in the bad times, if that dollar is withdrawn from the system, the banks' lending has to be pulled back nine dollars. This is highly deflationary.
