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China's 2013 Inflation Seen Around 3%

Sunday, 10 Mar 2013 | 8:59 PM ET
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China's consumer price inflation is forecast to be around 3 percent in 2013, the price monitoring unit of the country's top economic planning agency, the National Development & Reform Commission, said on Monday.

(Read More: China's Latest Data Show Uneven Economic Recovery)

For the first quarter, consumer prices are expected to rise around 2.8 percent from the same period a year earlier, it said in remarks carried in the official China Securities Journal.

Last week, outgoing Premier Wen Jiabao, speaking at the opening of the annual session of parliament, said China would target economic growth of 7.5 percent and inflation at 3.5 percent.

(Read More: China Exports Jump 22% in February From Year Ago)

Yi Gang, vice governor of the People's Bank of China, said last week that inflation in China this year could touch 3 percent, up from 2.6 percent last year.

(Read More: Three Reasons to Doubt China's Export Numbers)

The country's annual inflation rate hit a 10-month high of 3.2 percent in February, as holiday spending for the Lunar New Year drove food prices sharply higher, data showed last week.

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