The Bureau of Labor Statistics just released its CPI data for May 2023, and the annualized number came in at just 4.0%, which means the rise in inflation has officially been cut in half since last year's high. In June 2022, the CPI hit a 40-year high of 9.1% on an annualized basis, which prompted the U.S. Federal Reserve to embark on the most aggressive campaign to hike interest rates in its history. Zillow Group Housing is one of the asset classes most sensitive to changes in inflation and interest rates.