The whole inflation seems transitory after all and might not self-accelerate. Also in the EU things seem to stabilize
It helped me understand inflation, deflation & stagflation.
The 12 month rate remains high because the previous months inflation was very high.
The prices themselves will not go down in price, but they’ve stopped rising at abnormal rates.
(This is the raw price levels, so inflation is the derivative of this graph).
The most recent month of data (Oct - Nov) has been pretty flat. But the previous few months, (Sep - Oct, Aug - Sep) is still a higher change than normal.
I don't think that one data point is enough to declare inflation is back to normal.
Annualized inflation Feb to July was 11
The total “annual inflation rate” peaked in June at 9.1% and has shrunk down to about 7 due to the above.