As I wrote, with the "In line with text" placement option, a picture behaves like a (large) text character.
To automate the process, you can use a macro. Try something like this:
Code:
Sub AdjustTextPosForInlineShapes()
Dim i As InlineShape
For Each i In ActiveDocument.InlineShapes
i.Range.Font.Position = -i.Height + 14
'+14 adds the font size. can be omitted
Next i
End Sub