text:  Reserve Economist. Welcome to the program. Thank you. Happy to be here. So what is the significance of this new data? So inflation is slowing. And that means that the prices that people go in and pay, they are considerably higher than before the pandemic, even considerably higher than a few years ago. And yet they're not rising as quickly. And that gives an opportunity for our paychecks and other income to catch up so that we can deal with and handle those higher prices.