This chart shows inflation targets of various global central banks and the latest inflation. The dark grey cross signals the midpoint of central bank target ranges, whereas the light grey area represents the target range. The purple diamond is the most recent inflation level. Inflation is above target or target range for most economies. Inflation is significantly above target, especially for developed economies such as the U.S., eurozone, and the UK, hence central banks will likely remain hawkish in the near term even at the expense of economic growth. In Asia, although inflation is above target in many economies, they are still in touching distance. The only exception is China, where inflation is just below target.