Officials from China's top economic planner says the nation cannot lower its guard, as upward pressure on prices looms large.

Minister of the National Development and Reform Commission, Zhang Ping, says measures aimed at reining in prices have achieved some results, but there is no room for complacency. He also expressed confidence in China's ability to keep overall prices basically stable. The central government is targeting 4 percent for this year's CPI, the main gauge of inflation.

The index's January reading stood at 4.9 percent, while the number for February, which will be released later this week, Zhang Ping expects to have further eased.