Likewise, the tariff slabs were reduced from 14 to 4 in FY02. 2 Zero tariff slabs were replaced by 5% minimum tariff rate; and average tariff on agriculture inputs has been also reduced. Pakistan’s trade openness has steadily improved from 25.8% in FY00 to 34% in FY06.
Given the lags,  BIS Review 38/2003  1  current policy changes clearly have virtually no impact on the 2003 inflation outcome; the focus is further ahead. With the CPIX again approaching the target range, it is relatively easily to somewhat superficially argue the merits of an inflation-targeting regime. Some disadvantages of inflation targeting must, however, be acknowledged.