Annualized inflation in last quarter was just 3.1% and Core was 4.6%. The peak in Q2 was 10.5% and 6.6%. So looking just at the YoY figure is problematic cause

Annualized inflation in last quarter was just 3.1% and Core was 4.6%. The peak in Q2 was 10.5% and 6.6%. So looking just at the YoY figure is problematic cause it’s a strongly lagging indicator. Of course it depends if the current trend continues. It starting going back up in January so it might not (then again certain components in CPI like housing generally tend to lag more than others).