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Its all about money supply . M2 has been flat only since JAN 2022 this year. Which means the past 2 years of massive money supply will feed in to inflation numbers like it always does for next 1.5-2 years.

Which also means inflation will only be 0% if money supply continues to be flat till end of 2024, recession or not. Can the US and by proxy the global economy withstand it till then, without CBs and FED pivoting and printing again when the global recession worsens before we reach end of 2024?? M2 MOney supply chart --> https://fred.stlouisfed.org/series/WM2NS

The only way to quickly combat high inflation as volcker showed is to cap money supply growth and increasing rates to levels way above inflation rate, however that results in a deep recession and pain and high unemployment which no modern gov can withstand, especially with astronomical rates of debt today.

So unless FED does 9 or 10% rates, it is very unlikely inflation goes back to 0% or even 2% target by next year 2023 as all the money created in 2020 and 2021 is still sloshing around in the system.

By the way, real inflation both in USA and globally is probably at the 15-20% level if measured properly like it was measured decades ago. Most major consumer goods / rental/ fuel etc stuff we buy has definitely gone up at least 15-20% if not more, some stuff we buy has gone up even 100% in the past year. We are just lucky we produce a lot of food hence some seasonal food hasnt gone up much.