Inflation predicted to rise by 2.8 percent in February

The British bank also attributed the potentially sharp rise in consumer prices to the low baseline set last February, which was not affected by the Lunar New Year holiday. In 2012, the holiday was celebrated in January.

On a quarterly average basis, the bank said it expects inflation to clock 2 percent in the first quarter, before falling back below 2 percent in the remaining quarters of the year.

More neutral weather patterns in Asia this year, in contrast to the El Nino conditions experienced early last year, should moderate inflation for 2013 as a whole, the bank said. It predicted consumer prices will rise an average of 1.5 percent this year, down from 1.93 percent in 2012.

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