On its own terms, 2% isn't great. It's kind of the bare minimum. Anything less is losing ground in absolute terms, since that's the target for inflation as well.
That's also assuming the number is trustworthy. The number is a mediocre metric to start with, and I don't trust the administration to be calculating it correctly. They have shot the messenger more than once, after which the messages started to improve with no change in policy.
I would also not that China's numbers are even more opaque and less reliable.
