After peaking in the summer of 2022, inflation has settled between 3% and 4% over the past few years

Monthly U.S. inflation rate

Notes: Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. Shaded areas indicate U.S. recessions.
Chart: Monday Morning EconomistSource: U.S. Bureau of Labor Statistics via FREDCreated with Datawrapper