Yes 2% is the usual inflation target, so getting it down to that level constitutes defeating inflation.
But the layperson doesn’t know that. When the average person hears that inflation has been defeated, they assume that means prices are going to come back down. I think it’s understandable why people think that: If inflation means prices go up, then the end of inflation must mean that prices go back down. Of course, that’s not the case. For reasons most people don’t understand, prices must continue to go up every year, albeit preferably at a rate the experts consider manageable. You can try to explain this to people but they might not be receptive to being told that prices are just going to keep going up, forever, and it has to be that way because of some complex economic concepts that are beyond their understanding. It’s honestly kind of depressing, being hit with the reality that you’re always going to be playing catch up with increasing prices.
But the layperson doesn’t know that. When the average person hears that inflation has been defeated, they assume that means prices are going to come back down. I think it’s understandable why people think that: If inflation means prices go up, then the end of inflation must mean that prices go back down. Of course, that’s not the case. For reasons most people don’t understand, prices must continue to go up every year, albeit preferably at a rate the experts consider manageable. You can try to explain this to people but they might not be receptive to being told that prices are just going to keep going up, forever, and it has to be that way because of some complex economic concepts that are beyond their understanding. It’s honestly kind of depressing, being hit with the reality that you’re always going to be playing catch up with increasing prices.