Inflation has been slowing for the last several months and finally appeared in the “headline” numbers last week. Although a single comforting CPI report will not eclipse ongoing concerns about inflation, leading up to that report, there was a broad array of evidence that inflation was moderating and has probably peaked—e.g., falling commodity prices, decelerating wage inflation, declining import and export prices, renewed deflation in the Adobe Digital Price Index, various private sources (like Costar and RealPage) illustrating that rents had decreased, a downturn in used vehicle prices, a complete collapse in shipping rates, and increasing numbers of retail price discounts due to inventory overhangs.