Body recomp?

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I recently took measurements and realized my midsection (both my natural waist and around my belly button) are both an inch smaller than when I previously weighed this same amount. Other measurements are the same (hips/thighs/arms). Do you think that after a 70lb weight loss in 2011/2012 and staying consistent with exercise since then that I've just gained muscle over time and lowered body fat? I was just shocked to find out my waist is smaller than it's been in 10 years but I've been working out since early 2011 and maybe this is just the natural effect of that.

OR could it be because I took up running in July that I shocked my body into burning more fat? OR could it be that I've been messing around with IF and that helped me lose belly fat? OR all of the above? Just curious, but no matter the WHY I'm sure happy with my measurements :)

I've gained and lost 10 pounds several times over the course of "maintaining" my weight since 2012 and that's why I wondered if it was unintentional body recomp.