At first glance it appears that transparency about shocks affecting inflation is inefficient for a interest-rate smoothing central bank. In particular, with forward-looking price-setters we expect an incentive for the central bank to keep its information secret. A New-Keynesian model is presented to clarify this issue. In contrast to the reasoning above, we find that a general cost of transparency can only be established if forward-looking behaviour of price setters is absent. With forward-looking behaviour transparency can well be efficient provided that the central bank's preferences are sufficiently close to strict inflation targeting.