PPI is pointing to deflation. CPI is already close to 0% when you calculate rent in real time instead of delayed 15 months like owners equiv rent does (opposite effect in 2021 and 2022 when inflation was massively understated). Money supply is pointing to deflation.
I see the same numbers you do.
Imho they are the “transitory” ones.
Inflation is the monster taking a little time out—getting ready to go on a feeding frenzy.