Why isn’t any thriller:
The gasoline costs are via week ending 7/4. Gasbuddy.com signifies costs have fallen to $4.66 right now, from about $4.79 on 7/4, and peak of $5.03 on 6/14.
Supply: gasbuddy.com, accessed 7/10/22.
Gasoline has a 3.75% weight within the CPI (see right here), however the share variation in gasoline costs are monumental, so can account for substantial shares of headline CPI inflation.
Futures as of 4 days in the past have been signaling continued decline, and that is true right now, albeit with a barely larger stage (about 17 cents for December 2022 contract).