@chrisp That’s a very misleading snippet, because all the figures are year over year! CPI inflation from July 1 through Dec 31 ran at 1.9% annualized. (From Dec 1 to Dec 31, it was -0.1%, or -1.2% annualized, but there’s too much noise in monthly data to predict ongoing outright deflation.) The first half of 2022 was a serious inflation. The second half… well, poof, it was gone. Numbers that include the first half will look scary, but they are also old news.