Govt spending and borrowing is not yet down in any way that could yet affect the inflation numbers.
What is happening is a of Biden’s inflation has already been cooked into the economy, and prices, and it is not, now, that inflation has “ended” only that the continuing rate of inflation has slowed. That’s all it is, and it was very much expected.
The only thing that will end inflation will be keeping spending increases within the GDP. The only way that will happen is by eliminating the 80%+, $3+ trillion unconstitutional portion of the feds.
Apparently the economists who make these projections would disagree. They expected higher numbers, not flat.