Yes, its mainly due to shortage during lockdown esp. in China. Then there was also a surge in demand due to WFH in many countries.
However, I think we will see prices returning to normal and even oversupply next year.
I feel as long as COVID measures are still in place, there is a chance the "return to normal" time may take longer. The shortages of PC parts I believe are due to shortages of components required. Its a knock on effect. For example, in the case of the vaporware RDNA2 GPUs, I suspect AMD may have produced enough GPUs, but component shortages for making a full graphic card means AIB will not churn out enough completed graphic cards for sale.
In my opinion, the work from home demand surge should have wane by now since the lockdowns at the start of the year would have forced people to secure their PC for work. And most being non tech savvy will not be interested in obtaining the latest or greatest PC components since its mainly for work/ school usage.