The CPI has seasonal adjustments, which tries to smooth out the changes relative to the season, like a year over year change. However, CPI is both products and labor. .
Products may be slowing down, due to renormalization of the pandemic, but the services piece, which is labor and labor related, is not so low. Services piece is insurance, health care, owners equivalent rent similar and similar non product related prices. .
Services up 4.4% year over year,
excluding owners equivalent rent, so for crappy data collection and estimation, call it 5.0%,
In May it was 5.0%
Consumer Price Index for All Urban Consumers: Services Less Rent of Shelter in U.S. City Average (CUSR0000SASL2RS) | FRED | St. Louis Fed
** of course excluding FL home insurance after two/three hurricanes in a season.