Various time series models have been proposed to find the inherent rules of the variation in the series. Many researchers have applied different time series models to forecasting the CPI and other time series data. For example, the ARIMA model once served as a practical method in predicting the CPI4. It was also applied to predict submicron particle concentrations frommeteorological factors at a busy roadside in Hangzhou, China5. What’s more, the ARIMA model was adopted to analyse the trend of pre-monsoon rainfall data forwestern India6. Besides the ARIMA model, other models such as the neural network, gray model are also widely used in the field of prediction. Hwang used the neural-network to forecast time series corresponding to ARMA (p, q) structures and found that the BPNNs generally perform well and consistently when a particular noise level is considered during the network training. Aiken also used a neural network to predict the level of CPI and reached a high degree of accuracy8 Apart from the neural network models, a seasonal discrete grey forecasting model for fashion retailing was proposed and was found practical for fashion retail sales forecasting with short historical data and better than other state-of-art forecastingtechniques9. Similarly, a discrete Grey Correlation Model was also used in CPI prediction10. Also, Ma et al. used gray model optimized by particle swarm optimization algorithm to forecast iron ore import and consumption of China11. Furthermore, to deal with the nonlinear condition, a modified Radial Basis Function (RBF) was proposed by researchers