China's consumer price index (CPI) is expected to rise by 8.3 percent in March, slowing down from the 8.7 percent recorded in February, central bank vice governor Liu Shiyu said in a report carried by the China Business News.

Liu made the remarks at a financial forum in Shanghai over the weekend.

CPI in the first quarter is expected to have risen by 8 percent, Liu said, citing initial data circulated internally. Liu added that the quarterly data continue to reflect the impact of the snowstorms earlier in the year.

China is scheduled to release first quarter and March economic data on April 17.

In response to a question from the newspaper, Liu said China is still studying the possibility of further interest rate hikes.