You're not misreading it, but those CPI figures can be interpreted in various way. See the latter part of this video from about 7:30 onwards for Schiffs take. He throws some doubt on the validity of the "core" CPI indicators the US Govt selectively uses.
The point is that CPI release was nothing to crow about, and shows how trippy and whacked out the market is. Inflation will persist for quite some time no matter how successful the US Fed might be in eliminating it. Schiff is even saying it will persist all through the 20s, like it did in the 70s and 80s. Remember interest rates went up to 20% in the 80s., 18% in the 90s (iirc). Are we immune to that this time?
BBUS, page-13752
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