I'm pretty sure when Powell says inflation will be transitory, he means that inflation will spike and then subside to normal, positive levels. He's not saying inflation will be higher than desired, but then will drop below the intended target. So yes, prices are not coming back to pre-covid levels, but the current inflation spike should ease next year.

Now, I'm not saying I personally believe that, but I see a lot of folks twisting his words and it's getting tiring. Happy to be proven wrong if someone can show me a quote from him where he contradicts my interpretation of his comments.