Do the people cheering this understand that inflation is not a 'baseline' measurement, but a relative one? CPI (which inflation is measured off of) is based on

Do the people cheering this understand that inflation is not a 'baseline' measurement, but a relative one? CPI (which inflation is measured off of) is based on the cost of a fixed bucket of goods, which you can see here [1]. In January 2020, this bucket of goods cost $259 units. Today it costs $304. For context, had the CPI maintained target interest levels of 2% per annum, then today that bucket of goods 'should' cost somewhere around $278. And even this substantially inflated bucket cost continues to rise, quite rapidly. In other words, this news does not mean that prices are going to go down - let alone return to the normal. A slowing inflation rate is better than the opposite, but that's really all this is. We are not at the finish line or anywhere remotely near to it, yet. It will be important to see how inflation continues, especially as wages adjust. In particular, a raise of ~18% over the past 3 years (in total), would be the break-even point. Below that and you'd be seeing a real decline in wages, which I think is almost certainly the vast majority of people. [1] - https://fred.stlouisfed.org/series/CPIAUCSL https://fred.stlouisfed.org/series/CPIAUCSL