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The current I-bond rate is 4.3%, of which 0.9% is the fixed rate. So inflation over the last 6 months has been roughly 1.7%, which is 3.4% annualized.

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You don't add percentages, you multiply them. So 1.7 x 1.7 = 2.89% annualized

That's not the proper way to multiply. If you mean to use compounding interest, the proper rate is 1.017 * 1.017 = 1.034289 = 3.428% annualized.

I rounded it to 3.4% for simplicity.

Wrong, it's 5%.

https://www.bls.gov/cpi/

Wrong, if you read the words around the chart in your link, that’s the 12-month trailing figure, which says nothing about GPs claim regarding the 6-month trailing figure.

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