The New York Fed's inflation gauge that attempts to capture the underlying trend of inflation, called the "multivariate core trend," fell to less than 2.8% in July (June was revised down to 2.8% from 2.9%) This is the lowest reading since January 2021

https://twitter.com/NickTimiraos/sta...36065292914969

This is close to the Fed's two percent target. Central banks all target two percent inflation as it allows stable economic growth at that level. Since the 2000s it's been stuck at one point something or less. Not even huge increased government spending coupled with tax cuts coupled with super low interest rates during the Trump years managed to get it above two percent. The pandemic changed that but it's subsided nicely since then.