Do Falling Gas Prices Signal An End To U.S. Inflation Spiral?

After hitting multi-decade highs in recent months, erstwhile stubbornly high inflation in the U.S. has begun to ease and is showing signs of returning to somewhat normal levels before long.  In August, the headline inflation fell to 8.1%, higher than expected but lower than the four-decade 8.5% peak it hit in June, with volatile food and energy prices, or core CPI, the brunt of that–at 6% higher than last year.  The Biden Administration is now increasingly confident that inflation will fall even further thanks to falling oil and…