Cpi less energy Do not pay attention to headline numbers and the media telling you that inflation is falling. The reason inflation is lower and likely to bottom when the June data is released is due to the base effect on how inflation is calculated. If you take the month over month Cpi print and do this for each month over a 12 month period then you get an annualized total. Last year, energy prices peaked with the June data which implies that inflation is likely to bottom at around 3% when the June data comes out. The reason is called the base effect. You are eliminated the cpi m/m from June 2022/May 2022 and replacing it with this years m/m increase which is lower than last year.
Cpi less energy is still consistently close to 5% annualized. In fact, Cpi less energy is 4.6% and is trending at 4.8% (6 months annualized) and 5.9% (3 month annualized)
This is the trend on where inflation is going but you won't hear this from media sources.