It’s more like leaving out 9/11 when discussing the effects/impacts of the PATRIOT Act.

The consumer price index has been relatively flat since the Fed started raising interest rates.

https://tradingeconomics.com/united-states/consumer-price-in...

The generally quoted inflation rate compares now to this time last year – so until next June, it includes the increases that happened before the Fed decided there was a problem.

This is useful in a lot of contexts, but if you want to know whether prices will be higher next month, it doesn’t make a whole lot of sense to use a lagging indicator.