I imagine the current situation is something like growth in some sectors slowing down, while prices on more luxury markets grow. Mostly because we already know the major cause of the current inflation is primarily car and housing. Its nothing insanely to be worried about as long as theres still some form of growth and inflation is at a manageable level. Its extremely likely, this "slow down" is not a slow down at all but return to normal levels of growth after we saw a sharp rise from lockdown easing.

Stagflation is a whole different issue where the economy basically stagnates with no growth, but rising (sometimes rapid) inflation due to supply shortages. Its important to note stagflation is extremely rare, last proper occurance was the recessions in the 70s with the oil shocks. We have the tools the avoid stagflation, it was the whole ride of monetarism.