The two per cent (2%) inflation target is now virtually an “economic religion”

 US Federal Reserve chairman Jerome Powell noted it had become a “global norm”.

In 1989, New Zealand became the first country to adopt a 2% inflation target. “The figure was plucked out of the air”, acknowledged Don Brash, then Governor of the Reserve Bank of New Zealand (RBNZ), its central bank.

It was prompted by a “chance remark” of NZ Finance Minister Roger Douglas during “a television interview on April 1, 1988 

In the RBNZ’s annual report to March 1989, Brash was “confident that inflation could be reduced below 2 percent by the year to March 1993”. 

The finance minister welcomed this, asking “whether it might be feasible to achieve that by the end of calendar year 1992 – he liked the sound of ‘0 to 2 by ’92’”!

https://www.nakedcapitalism.com/2022/03/inflation-targeting-voodoo.html

Rätt tid att överväga en höjning av inflationsmålet

https://englundmacro.blogspot.com/2022/02/ratt-tid-att-overvaga-en-hojning-av.html