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Note core inflation (excluding food and energy, which are generally more volatile) has been at least 0.6% (annualized >7%) for 5 of the last 6 months https://www.bls.gov/news.release/cpi.nr0.htm

So arguably the narrative is somewhat justified.

But also, I wouldn't be surprised if many in the media are just blindly reacting to the 12-month numbers (8% bad!)

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Core inflation is a lagging figure. For most people, rent and wages only change once a year. So if a company decides to raise rent or wages, it might take up to 11 months before it affects you and shows up in the inflation numbers.

So high monthly core inflation may mean that core inflation is still rising or it may mean that we're just seeing a lagging indicator from the inflation this spring.

Perhaps, but 0.6% core inflation MoM is still a more updated metric than 8.2% (overall) YoY, which is explicitly ignoring that overall inflation has subsided in the last few months.

That is, I agree with the OP if all we have are the non-core numbers, but with the core numbers it's more nuanced.

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