Based on the chart, which answer best describes CPI umbers in terms of economic conditions?

We had inflation about $6\%$ above the desired target rate in $2022,$ with the rate expected to decline over the next two years and drop below the target rate.

We had inflation about $6\%$ above the desired target rate in $2022,$ with the rate expected to decline over the inext two years but remain above the target rate.

We had inflation about $8\%$ above the desired target rate in $2022,$ with the rate expected to decline over the next two years but remain well above the target rate.