Can't find "floating or inline" option for images in Pages documents
If you mean where Text will wrap around the image.
move below and above the image
or the image will float on top of the Text. (inline)
Then it is under the Fomat inspector -->Arrange tab, -->Stay on Page tab -> Text Wrap.
The inline with Text option
seems to have been change to none
It seems most of you are new to the Mac or new to Pages. In older versions of Pages, "Float" means the image can be dragged by the cursor and left in any position. Without float, the images is tied down to some pre-determined position.