The conventional wisdom is that inflation has been defeated. (Even though by the “transitory” idiots’ own measures, inflation is still ~50% above the 20-year pre-pandemic average.) But inflation is still raging in many sectors and is likely to get worse. The so-called victory against inflation is nowhere in sight.
To summarize all that, the things that matter are still inflating rapidly (housing, food, personal services) while the volatile energy and ever-decreasing information tech prices make the numbers look rosy.
But cain’t no one eat a damn TV or smartphone, ya fuckin’ mooks.