That's a very good question.
The first point is that headline inflation—CPI inflation,—is probably going to bounce around from month to month. The latest reading is 2.9%. It will probably stay pretty close to around 3% for the next several months because we know global oil prices have gone up and gasoline prices have gone up. That has a very immediate effect on CPI.
We're looking to see, when you strip that out, that our measures of core or underlying inflation continue to move down. Watch CPI-trim and CPI-median. Those are our two preferred measures of core.
In practice, those are our preferred measures of core for good reason, but there are other measures of underlying inflation, like CPI excluding energy and CPIX.
In our monetary policy report, you'll see that there's regularly a chart of the proportion of CPI components rising faster than 3%. When inflation was 8%, that was as high as 80%. The latest reading is 38%. Normal is about 25%. We're not quite normal yet, but we're getting there.
We're looking for inflation to come down and for it to be less broad-based. We'll be trying to look through the volatile components in headline. We're focused on the underlying measures.