And, if you weight the categories by their contributions to the CPI, over 70 percent of the CPI basket continues to see inflation above 3 percent. I cannot emphasize enough that one report does not make a trend. It is way too early to conclude that inflation is headed sustainably down.
In 2021, monthly core CPI inflation fell during the summer-it fell from 0.9 percent in April 2021 to 0.2 percent in August 2021 before accelerating back to 0.6 percent and 0.5 percent in October and November of that year.