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Latest Chinese inflation forecast

Latest Chinese inflation forecast
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Inflation in China’s is forecast to be around 3.0 percent this year, according to the country’s top economic planning agency, the National Development & Reform Commission.

It believes that consumer prices in the first quarter will be even more benign, rising around 2.8 percent from the same period last year.

That is despite the annual inflation rate hitting a 10-month high of 3.2 percent in February, with food prices sharply higher from holiday spending for the Lunar New Year.

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

Official data over the weekend showed China’s industrial production growth in the first two months of 2013 was the lowest since October 2012 – the starting point of China’s nascent economic recovery.