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Inflation will remain above the desired target: SBP’s quarterly report

ISLAMABAD: State Bank of Pakistan (SBP) has expressed concerns that inflation rate will remain above the desired target for the current fiscal year, ARY News reported.

According to the SBP’s first quarterly review report the inflation rate of the country, which stands at 8.1 percent compared with the last year’s 5.6 per cent, will remain above the targeted level of 8 per cent.           

The reason for the increase in inflation is the hike in electricity tariff as per the bailout loan package from IMF for Pakistan to help the country achieve economic reforms and also increasing electricity rates globally for Asian countries.              

Meanwhile, the country's Gross Domestic Product (GDP) grew by 5.0 per cent during the first quarter of the current fiscal year as compared to only 2.9 per cent in the corresponding quarter of Financial 2013, disclosed the SBP’s quarterly report.                      

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