BEIJING, April 4 (Xinhua) -- The Industrial and Commercial Bank of China (ICBC) is forecasting an 8 percent increase in the country's Consumer Price Index (CPI) for the first quarter of 2008. The official government figures come out in mid-April.

    The bank said in a report issued on Thursday that the CPI would hit 8.2 percent in March, slightly down from the previous month as the effects from the snow chaos that hit China earlier this year died away.

    Inflation in China took its biggest jump in nearly 12 years in February when it rose 8.7 percent compared to the same period a year earlier. Food prices surged 23.3 percent while non-food prices edged up 1.6 percent from the year earlier period.

    Inflation was mainly fueled by rising food and energy prices in the global market, and compounded by domestic factors that included increased costs and a strong demand, the report said.

    The new round of global grain price rises, including rice and wheat, might add more pressure to the government's anti-inflation efforts.

    However, the inflation index would start decelerating in the second half of 2008 as the government's macro controls took effect. The continued global slowdown also weighed on demand and could gradually pull down prices, the report said.

    China rolled out a series of measures to fight inflation after the government was reshuffled last month. Among the latest moves was an increase in farm subsidies to boost production and curb grain price hikes.

China's CPI hits 12-year high over soaring food prices

    BEIJING, March 11 (Xinhua) -- China's inflation rate has continued to accelerate, with the consumer price index (CPI) up 8.7 percent year-on-year in February, the biggest jump in nearly 12 years, the National Bureau of Statistics (NBS) said on Tuesday.

    The main inflation indicator last month was second only to the figure recorded in May 1996, when it stood at 8.9 percent. It rose by an annual rate of 14.11 percent from 1992 to 1996. Full story

Commerce minister: China won't curb CPI rise at expense of global economy

Chinese Minister of Commerce Chen Deming (C) meets the press during a press conference held by the news center for the First Session of the 11th National People's Congress (NPC) and the First Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC) in Beijing, capital of China, March 12, 2008. (Xinhua Photo) Photo Gallery>>>

    BEIJING, March 12 (Xinhua) -- China's Commerce Minister Chen Deming pledged here on Wednesday that the country will not curb consumer price index (CPI) rises at the expense of affecting the global market.

    "As a country with a huge population, every move China makes will have impact on the global market," said Chen at a press conference held on the sidelines of the annual session of the country's parliament. Full story

Premier: China to keep year's CPI rise around 4.8%

Chinese Premier Wen Jiabao delivers a government work report during the opening meeting of the First Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 5, 2008. (Xinhua Photo) Photo Gallery>>>

    BEIJING, March 5 (Xinhua) -- China said on Wednesday it would strive to keep this year's CPI rise around the 4.8 percent of 2007amid increasing inflationary pressure.

    Premier Wen Jiabao, in a report to the First Session of the 11th National People's Congress, said China would "keep structural price increases from turning into significant inflation." Full Story

Top planner: China feels inflation pressure, determined to reach CPI target

    BEIJING, March 6 (Xinhua) -- China clearly feels the pressure of inflation posed by structural price increases but is determined to keep its CPI rise at around the 4.8-percent target for this year, top planning official Ma Kai said Thursday.

    China's consumer price index (CPI), which scored 4.8 percent last year and an 11-year-high of 7.1 percent in January this year, were largely attributed to structural price hikes caused by growing food and agricultural prices, Ma said at a press conference on the sidelines of the parliamentary session. Full Story

Chinese political advisor suggests forecasting CPI index

    BEIJING, March 3 (Xinhua) -- China should set up a committee to monitor the consumer price index (CPI) and make forecasts for the coming three to six months, a political advisor said here Monday.

    "China's economy, which is sound in general, is shadowed by price spikes," said Zheng Zukang, a senior professor with the School of Management of the Fudan University in Shanghai. Full Story