KARACHI: State Bank of Pakistan (SBP) Wednesday issued clarification on revising inflation target as reported in some media sections referring to SBP's first quarterly report of 2014-15 titled "State of Pakistan's Economy" released on Tuesday.
A SBP press release said it has been erroneously reported that the SBP revised the inflation target to 4.5 to 5.5 percent.
SBP neither fixes the inflation target nor revises and it is rather set by the Federal Government and is released in its annual plan, the central bank pointed out.
The SBP only provides its view as an estimate of the expected inflation, generally termed as projections or forecasts in its publications.
The target of inflation for 2014-15 has been set as 8 percent by the Federal Government.
The SBP projects that inflation for 2014-15 may fall in the range of 4.5 to 5.5 percent.
Inflation projections are typically reviewed before the meetings on monetary policy and published in its monetary policy statements/ decisions and annual or quarterly reports, it further said.
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