It appears so. The yearly change in the consumer price index (CPI) fell in July to 8.5% from 9.1%, which was the highest in 40 years. A big chunk of the pullback came from dropping gasoline prices, which fell 7.7% month over month but are still up 32.9% year over year (YoY). The cost of a gallon of gasoline has fallen by $1.05 since peaking in mid-June at $5.01/gallon. It was $3.62/gallon when the war in Ukraine started.