This slide breaks down U.S. consumer price inflation by component, providing a clear view of what has been driving inflation in recent years. Headline inflation peaked in June 2022 due to the Ukraine/Russia war and post-pandemic-related supply issues. Since then, inflation has moderated, and the contributors to inflation have narrowed considerably. Today, headline inflation is primarily driven by just two categories: shelter and auto insurance. However, while recent data has shown steady disinflation, tariffs could push inflation higher in the coming months.