To all those signalling the end of inflation… Why?

I'm curious about the signalling the market has been making. Sure, inflation was under expectations. However, it still was bloody high. 0.4% MoM works out to be around 5% annualised. That's the same as last month. Doesn't that mean inflation is worsening and not improving?

The forecast was 0.6% MoM which is just flat out ridiculous.

Or is it that MoM core CPI dropped from 0.6% to 0.3%?

Not sure why there is so much talk about the end of inflation.

Note: I only have long positions and can demonstrate that to mods if necc.