An inflatable inner sole for footwear has a flexible, inflatable enclosure with an inflation system that may includes an on-board air pump and a pressure relief valve. The inflatable enclosure may include a plurality of chambers that are independently adjustable by selectively adding or removing a gas from each chamber. The inflatable enclosure may also include a pressure gauge and an improved pressure relief valve sleeve with a spring seat. The inflatable enclosure may be formed with one or both of first and second sheets formed as contoured prefabricated sheets. Alternatively, the sheets may be flat sheets. A recess is formed in the sheets so that the recess extends out of a plane of intersection between the first and second sheets. The recess may be formed by causing a portion of the first and second sheets to bend out of the plane of intersection of the first and second sheets.