SBP had earlier stated that it expects inflation to moderate to 7-9% this fiscal year
CPI inflation in rural areas recorded at 8% on a year-on-year basis in July 2021 compared to an increase of 9.7% in the previous month and 11.6% in July 2020
Among its conclusions, it said longer periods of ultra-low inflation such as the current one require "especially forceful or persistent" support -- an ambiguous formulation that is proving difficult to convert into actual policy.