I was skeptical that month-over-month CPI had come down to reasonable levels, but it indeed seems meaningfully lower and close to recent historical averages.

Mean MoM % change in CPI-U from January to preceding July, 2016-2023:

* 2016: 0.01

* 2017: 0.27

* 2018: 0.27

* 2019: 0.10

* 2020: 0.21

* 2021: 0.30

* 2022: 0.61

* 2023: 0.27

Raw monthly data: https://data.bls.gov/timeseries/CUSR0000SA0&output_view=pct_...

I am eager to see Tuesday's numbers for February inflation.