Except the unfortunate part is that it is always increasing, it's just a derivative, rate of change. But the massive boost from months of heavy inflation is now here permanently, so we're adding 2-3% on TOP of the already-inflated costs. But that's not telling the full story, it is the value of the US dollar going down primarily. Buying power is lower by definition, but because of that, everyone on the bottom end is getting squeezed beyond anything they are ready for and it's going to eventually cause civil unrest on a larger scale.

But it didn't decrease, the rate of increase is what decreased. Inflation is a measure of acceleration, 7% and 3% are both increasing inflation.

Yeah if it was deflation that would’ve been a huge deal because our economy is built on an inflationary assumption and deflation would crash it