Technically but not really. Inflation will always lag at peak inflation because of the way the baskets are created. For example, you may buy butter during a low cost economy but switch to margarine when it's the opposite. In that case, the inflation figures replace the expensive item, with the cheaper, causing inflation to go down. Now if the margarine prices keep rising this year, or don't deflate, or other items don't in relation, then the next quarter, or the one after, inflation will increase.