[brewdad]

The reported number is backward looking year-over-year. A 4.9% rate says the price of their basket of goods is that much more expensive than it was a year ago. Last month the inflation rate was 5% when compared to March of 2022. So, in a sense, goods are becoming cheaper.

In absolute terms, groceries, airline fares, new cars, hotels and household energy (such as electricity, fuel oil and utility gas service) are actually cheaper than they were a month ago[1].

[1] https://www.cnbc.com/2023/05/10/april-2023-cpi-inflation-rep...