COLOMBO, Feb. 22 -- Sri Lanka's central bank will revisit its inflation target as part of renewing its agreement with the government, a senior official said, amid growing calls from analysts to lower the current 5% benchmark.

S. Jegajeevan, Director of Economic Research of the Central Bank of Sri Lanka, said the target would be reassessed based on updated technical analysis and changing domestic and global conditions.

"We can continue at the same rate, or we can revise it," Jegajeevan told reporters in Colombo earlier this month, explaining, "We are planning to revisit the technical analysis because recent movements in inflation and overall economic conditions have changed. We are also planning a stakeholder consultation."

Under Sri La...