So, how is this victory over inflation working out for the average person?

Not so great.

Based on official CPI data, price inflation has cooled somewhat, although it remains far above the Federal Reserve's 2% target. That hasn't stopped President Biden and most of the mainstream financial media from declaring victory over rising prices. Biden even suggested that companies should start cutting prices since inflation is falling.

It's important to remember that even if we believe the government numbers and price inflation is cooling, that doesn't mean consumers are getting any relief.

Prices are not falling. They're just going up slower than they were six months ago.