China's inflation expected to rebound in November (2)

Meanwhile, an increase in non-food prices is expected to fall back to 0.1 percent, the bank's report forecast.

Lian said October's reading marked a turning point, as the index in December may remain above 2 percent, bringing the year's CPI growth rate to 2.7 percent from 2011.

Affected by recovering domestic demand, increasing pork prices and rises in labor and land costs, prices will continue to increase in the next year, he added.

In October, the CPI increased 1.7 percent year on year, easing from a 1.9-percent rise in September amid government efforts to cap price growth, data from the National Bureau of Statistics (NBS) showed.

Key economic figures, including the CPI, are scheduled to be released by the NBS on Dec. 9.

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