China's Consumer Price Index (CPI) may rise by 3.3 percent this year, surpassing the government's annual 3 percent target rate, according to a government report.

The combined growth for the first five months of this year is 2.9 percent, in line with the central bank's annual target, Shanghai Daily said, citing the official China Securities Journal.

Meanwhile, food prices, which make up one third of the basket in the CPI indicator, have risen 8.3 percent year over year last month, up 7.1 percent from April. Egg prices rose 37.1 percent, while meat and poultry soared 26.5 percent, on higher feed prices.

Food costs won't slow down until the fourth quarter because of high grain and cereal prices, the report stated.