Change caption number of an algorithm

This just amounts to adding

\setcounter{algorithm}{1}

just before \begin{algorithm} (one less than the desired number).

Notes.

1. Your usage of \large is dubious. If you're using IEEEtran, then probably you're submitting a paper. Don't add formatting instructions like \large, because this will go against uniformity of the papers in the proceedings volume where the paper will appear. Also, with \large in the argument to \caption only the text and not the label will be in \large size.

2. Say \usepackage{mathptmx} rather than \usepackage{times}, or the math will be in Computer Modern which is visually incompatible with Times. But, if Times is a requirement of the class, it will be automatically chosen by it. Again, if this is a submission, don't add formatting instructions like this.

3. hyperref should be called last.

You can manually change the counter associated to the algorithm environment with:

\addtocounter{algorithm}{1}

Your code can be:

\documentclass[conference]{IEEEtran}
\usepackage[ruled]{algorithm}
\usepackage{algpseudocode}
\algnewcommand{\LineComment}[1]{\State \(\triangleright\) #1}
\begin{document}

\addtocounter{algorithm}{1}
\alglanguage{pseudocode}
\begin{algorithm}[h]
\large
\caption{\large Insert into CBF}
\label{Algorithm:insert}
\begin{algorithmic}[1]
\Procedure{$\mathbf{InsertItem}$}{item $x$}
  \LineComment{\emph{First insert $x$ into CBF}}
  \For {$i = 1 \to k$}
        \State $C_{f_i(x)\%N}$ ++
\EndFor
\EndProcedure
 \Statex
\end{algorithmic}
\vspace{-0.4cm}%
\end{algorithm}
\end{document}