To reproduce:

1. make a pit of 2 blocks deep and get a skeleton/friend in it.
2. Got to survival mode.
3. sneak over the edge and ask your friend to shoot in your feet/wait untill the skeleton shoots on you. Ensure you don't get killed.
4. Move away and open your inventory.

      See that the arrow at the bottom of your player character renders over the item part in              your inventory.

This bug might be intended, but it could be irritating.

A possible fix could be to shift the player character up, or making that the inventory background always renders over the player character.