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If you look at these two charts, so goods and services, if you look at goods before the pandemic, we’re kind of moving along what looks like a trend line. The economy is growing, your spending on goods is growing as well. If you look at services, it’s the same thing, it seems to be just chugging along here. And then with the pandemic, things changed completely. Now, we start switching to buying more goods. So, the consumption of goods started growing really fast. And we cut down on the consumption of services, because no one wanted to be impacted by the virus. We didn’t want to go to the movie theater, go to the restaurant, et cetera. And so you got this pattern. What’s interesting right now is that it appears that the economy is normalizing, to some extent. The consumption of goods is coming back down a little bit, and the consumption of services continues to grow towards the trend line, towards where we would’ve been had we just kept going along the trend lines that we had pre-pandemic. The economy seems to be normalizing, and that’s a good thing.

I talked a little bit about energy, and those are the green columns here. You see that, for a while, in the middle of 2022, the green bars are bigger, because of energy prices that I just talked about at the beginning. Now, those contributors are shrinking as energy prices are moderating. The flip side of this is core services, those have been growing over time. If you look at these bars, core services have just been rising. And the goods price inflation that I just mentioned, those bars have been shrinking. You see that the bars now are smaller than they were a year, a year and a half ago. That’s why there’s so much focus now on services, because they’re becoming a more substantial part of inflation.