Producer Price Index May 2023 release for April Data.

The BLS has released the April Producer Price Index Report.  (historical releases)

The Producer Price Index for final demand advanced 0.2 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices fell 0.4 percent in March and were unchanged in February. On an unadjusted basis, the index for final demand moved up 2.3 percent for the 12 months ended in April. 

In April, 80 percent of the rise in the index for final demand is attributable to a 0.3-percent increase in prices for final demand services. The index for final demand goods advanced 0.2 percent.

Prices for final demand less foods, energy, and trade services rose 0.2 percent in April after inching up 0.1 percent in March. For the 12 months ended in April, the index for final demand less foods, energy, and trade services increased 3.4 percent.

Certainly, the PPI increases have slowed, but not sure all has been reflected in the CPI. Historically, the CPI is has risen slightly faster that PPI, yet the past 3 years has seen the PPI outdistance the CPI. This is reflected in the following graph.

The chart indicates the comparison of that 39 month period, compared to the preceding 109 months.

Reverting to normal requires a negative PPI and/or continued inflation for the next few months. 

It will take most of the year, before normal takes places, imho.