Inflation rates around the world:

[Sympthsical]

3. The IRA has very little to do with it so far

Considering it was passed at the end of last year, it's a bill intended to take effect over a number of years, and most of it hasn't been implemented yet. Things do not move that quickly.

There are a variety of reasons for declining inflation. The big one is the rate hikes are having the impact intended. It also has to do with how inflation is measured. While lower in some areas, people with lower incomes are still getting soaked on things like food (5.7%), services (5.7%), and housing (7.8%). Where we're crushing it is gas prices which are way down from last year. It's an unalloyed good it's coming down, but it's important to be interested in effects rather than lazy twitter memes based on inaccurate information.

There are lots of articles and stories about lowering inflation and a hot economy, but people on the ground aren't really feeling it nearly as much as advertised. Those numbers above are why. And they get ignored, because the low number is a way better political narrative.

Memes are nice. The poor and working class are still suffering from this stuff. Not as bad as last year, but it's still significant.

Which is why I don't get political or economic information from Twitter. But, YMMV.