For a period of a little over three years from June 2020—after covid had just broken out—to June 2023, core inflation was higher than 5%. Over the last three months, it has been lower than 5%. In September, core inflation was at 4.6%, the lowest it has been since March 2020, when it was at 3.8%. Core inflation is the inflation among the items that remain, after leaving out food, fuel and light items in the consumer price index. They form 54.1% of the overall index.