Driven by rapid economic growth, particularly investments, the
rise in the CPI jumped from below 1 percent in the second half of
last year to 3.2 percent in December.
Price hikes on grain and raw materials will spill over well into
2004.
"Even without new factors driving price growth, the index will
move up 2.2 percent by itself in 2004," the report said.
"We really cannot be optimistic about the inflation
situation."
The central bank said it will use various instruments to control
excessive lending growth and cool investment activity.