Yeah.
Globally we are still very much in the middle of the pandemic. Many months are going to go by before much of the developing world has needed access to the vaccines. India just hit 100 thousand cases in a single day (only other country to do that was the USA under Trump), and Brazil is having serious trouble.
We may be heading towards price inflation as the developed world wants more products but the developing countries are still suffering and aren't able to supply the demand.