What’s the difference between today’s inflation and the 70s

Hi everyone,

For those that were alive or have studied the inflation period during the 1970s, what's the difference between that period of inflation and today's?

Jerome Powell said yesterday that inflation has most likely peaked and that we are in a deflationary trajectory back to 2%.

If we look at the inflation charts from the 70s we can see that inflation doesn't move in a straight upwards line but it goes up and down like a regular stock in an uptrend. How does the fed knows that inflation is not just
taking a pause?