Sadly nothing miraculous is going to happen. We are where we are, and prices will never come down. Inflation may be falling, but that's the rate of increase, you need negative inflation (deflation) for prices to fall. Yes, we may see modest falls in power costs, but certainly not to as low as they were a few years ago. Same with interest rates - they'll fall after they've peaked, but again, not to recent ultra low levels. Food prices will never fall - they'll just not rise as fast as they have in the last year or two.
Where we are now is pretty much a new "normal" for the next few years. We're not in recession because a lot of people aren't feeling the pinch. Most homeowners don't have mortgages. People on benefits (unemployed and state pensions) got inflation busting rises. There's a lot of people with plenty of savings and high incomes, easily able to weather the cost increases without much, if any, fall in lifestyles.
The cost of living crisis isn't affecting everyone equally. It's affecting, mostly, younger workers, who are the ones more likely to have mortgages, more likely to have been in recent years with NIC rises/student loans/tax threshold freezes/workplace pension deductions, etc., higher childcare costs, higher food prices, higher transport costs, etc. That's the real tragedy, that the burden isn't being spread evenly/equally across all sectors of the population.