Inflation has continued to recede for Costco in the latest quarter. CFO Richard Galanti says on a call with analysts that inflation was lower sequentially in the fiscal fourth quarter at 1% to 2%, compared with 3% to 4% in the prior quarter. Galanti says inflation trended down during the quarter as well. Still, Galanti makes no projection about where the trend will go in the next year. “Who knows what tomorrow brings,” he says.