The Bureau of Labor Statistics CPI numbers show that prices were up 4.9% from April 2022 to April 2023. We can be pretty confident that, measured by the CPI, inflation is much lower now than when it peaked a year ago. Inflation is slowing.
Looking deeper into the numbers, the CPI rose 0.5% last month. Half a percent a month for twelve months would add up to 6% inflation for the year—a bit more than the 4.9% we saw over the past year.
Last year, the CPI rose 2.5% over just the two months of May and June, and with inflation trending downward, we
