Errmm? He says “we are making progress in slowing the rate of price increases”.

(making progress in (slowing the (rate of price increases)))

3 ————————— 2 ————— 1 ———————————

The question is what you think “progress” is doing in that sentence. Slowing the rate => 2nd deriv is decreasing but progress, to me, implies that third deriv is what is being pointed at. 2nd deriv would be “we are slowing” to me.

I’m not sure what inflation number you’re looking at, but CPI for Oct/Nov/Dec of 2021 was: 6.2%, 6.8%, 7%