The National Bureau of Statistics (NBS) will release January's economic statistics around Feb 15. Analysts predicted China's consumer price index (CPI), a main gauge of inflation, will have a year-on-year increase of over 5 percent, Securities Daily reported Thursday.

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The rise in CPI can be attributed to the consumption hike triggered by the Lunar New Year holiday and the severe drought in China's northern region, analysts said.

The CPI in December decreased slightly year-on-year to 4.6 percent because of the base effect, a surplus prior to the Lunar New Year and a crack down on inflation at all levels of government. Industry insiders almost unanimously agree that the CPI will rise first and than fall this year, the report said.

According to the Ministry of Agriculture, the wholesale price index of agricultural products rose 10 percent in January compared to the same period last year. It also dropped 6.2 percent from the previous month.