This page shows the monthly change in the underlying components of consumer price inflation in a heatmap. Headline inflation peaked in June 2022 and has been gradually declining since then. Specifically, the components that drove inflation much higher, such as energy, food and used cars, have now seen many months of green as supply chain pressures and commodity prices normalize. Shelter continues to run hot but we expect this will peak soon, helping to bring services and overall inflation to much more moderate levels. Services prices outside of shelter remain elevated but will likely come down as the labor market continues to ease.