I'm not sure how far we need to keep going with the interest rates. The annual inflation rate continues to read as a big number because of the massive run up between December and May. Even if we keep inflation to 0 in the next few months the inflation reports will still show larger numbers until those big jumps are flushed out of the calculation.
If we look at the numbers from May 2022 through August 2022 the annualized increase in the total CPI is 1.84% which is within the target range.
With OPEC boosting the price of oil we may see that jump back up again though.
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