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There is an option that allows you to do this, but it is a little bit hidden unless you know where to look.
Here is what you should do:
1) Add your picture inside a text widget.
2) Click directly on your picture so that it is selected.
3) You will then see three new buttons appear at the end of the text editing toolbar. They look like this:
These buttons allow you to decide if you want the text to be under the image, or to flow around the left of the right side of the image.