WHOA! Headline CPI rose by only 0.2% in June, and is now down to only 3.0%. That's back to the March '21 level.

More importantly, core CPI rose only 0.2%, and is up 4.8% over the year.

BOTH measures are a good bit below expectations.

Inflation is returning to normal rates.

— Justin Wolfers (@JustinWolfers) July 12, 2023