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China's March CPI rise to exceed 5%: economists

China's consumer prices are expected to rise more than five percent in March on a lower comparison basis from a year ago and imported inflation, economists have said.

Shanghai-based Shenyin Wanguo Securities predicts the Consumer Price Index (CPI), a major gauge of inflation, to increase 5.3 percent in March, the highest in nearly two years, driven by rising food prices and a lower year-on-year comparison basis.

Food prices are likely to jump 12.3 percent from a year ago while the lower comparison basis would contribute 3.4 percent to the CPI rise, the company said in a report.

The Bank of Communications also expects March CPI to rise more than 5 percent on pressure from imported inflation.

Lu Zhengwei, chief economist with Industrial Bank, said the central bank is likely to hike interest rates after mid-April.

China will release economic data for March in mid-April. February's CPI remained on par with that of January at 4.9 percent. The growth rose from 4.6 percent in December but was less than the 28-month high of 5.1 percent in November.