Ask any company if they are willing to reduce their prices...

Ask any company if they are willing to reduce their prices immediately after the spot oil price has come down and watch what they say. It is never as simplistic as that. Once prices go up, they tend to stay high until and unless demand destruction begins earnestly. Plus don't forget that while USD oil price has come down, our Aussie has done so likewise, so the decline is much less. Rent could continue to go higher as landlord raise them to compensate for higher mortgage cost and demand on that front is actually going to increase because more start to rent instead of buying their own homes. Second hand cars will stay higher until new car backlog can be overcomes- try buying a new car, it could take 6 months to deliver. And as for food, that has little to do with energy , inclement weather, labour shortages , higher import costs will keep them higher for longer. Lower oil prices can reduce inflation but is only one part of the entire equation. Inflation will naturally peak at some point but there would be a lag but will remain high enough to prevent the Fed from pivoting.