11 July 2021

FED seeks to achieve inflation that averages 2 percent over time. Since inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation modestly above 2 percent for some time. - https://www.federalreserve.gov/faqs/economy_14400.htm

ECB is aiming for a 2% inflation target. This target is symmetric, meaning negative and positive deviations of inflation from the target are equally undesirable.
- https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708~dc78cc4b0d.en.html

Of course you have to take into account how they actually measure "inflation". There are many articles that explain how they calculate CPI, which is inflation for them, wrong. For an example: https://www.investopedia.com/articles/07/consumerpriceindex.asp

Historically inflation term has been used for increase of money supply. The word inflation comes from inflate. Prices on the other hand go up and down for multitude of reasons like supply-demand, mass-production, automatisation, currency value fluctuations etc.

More about inflation from rapidinflation.com.