for late june y-o-y, traffic is down roughly 3%. (carloads down 1.5%, intermodal down 4.5%).
for the first half of the year, y-o-y , carloads are down barely 0.1%, but intermodal is down about 6%. so total traffic is down.
so, yes there is less stuff being shipped around the country. (yet some categories are up).
overall, if i have to spend more money to get less stuff,... that is NOT good.
still hard to tell how much of the drop is due to the shut-down-chinese-economy over the last several months. if china were more open, maybe there might be more supply, more intermodal stuff being shipped, etc. but there would also be more demand for raw material, so maybe higher commodity prices.
of course in the big picture, inflation is the result of govt and central banks, printing and spending too much money!!