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It's more helpful to look at a graph to see trends: https://fred.stlouisfed.org/graph/?g=XCAY

As one can see, the CPI was fairly steep during the period from Jan 2021 till June 2022; from there it has visibly flattened.

EDIT: A rolling 6 month annualized rate makes the drop pretty obvious: https://docs.google.com/spreadsheets/d/1VCEwEDWCAaWhmbosXIcD...

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Look at that hockey stick curve - up and to the right! It looks like the step in inflation from 2020 onwards was quite large but over the longer time horizon it looks back to a more reasonable rate. Funny to look at rising prices over the long term.

Zoom out to its earliest recorded data around 1945 on that chart, and the CPI inflation in the past couple of years is still clearly the fastest and steepest slope compared to all previous decades, including the 70s when overall inflation got up to 12% and the early 80s when Fed interest rates went up to over 20% to combat that inflation.

Might not look as bad as when it's super zoomed in, but that still seems pretty bad (and definitely historic).

Not sure we've ever had a supply shock quite like this one? The OPEC/energy crisis played a big role in the 70s, but that doesn't seem nearly as broad as the last two years...

Zoom way out and it looks like a nice straight line from 1980 to now

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