Broadly speaking, it’s worth reiterating that inflation remains nearly twice as high as the Federal Reserve‘s maximum target of 2% and that across multiple measures in the first half of this year, the central bank’s war against price instability seemed to have stalled, if not backslid outright.

With all that being said, May’s consumer price index report provides the first real evidence that inflation has begun to slow down. Thanks to a dramatic decrease in the cost of gasoline and cars, the Bureau of Labor Statistics found that CPI did not change at all last month, with core CPI up just 0.2%. In the 12 months ending in May, CPI was up 3.3%, and core CPI was up 3.4%.