On the 9th, the National Bureau of Statistics released data showing that in January 2025, due to the influence of the Spring Festival, the national consumer price index (CPI) increased by 0.7% compared to the previous month, and the year-on-year increase increased from 0.1% to 0.5%. After deducting food and energy prices, the core CPI rebounded for the fourth consecutive month, with a month on month increase of 0.5% and a year-on-year increase of 0.6%, both of which were larger than the previous month; Industrial production is in the off-season, with the national Producer Price Index (PPI) falling by 0.2% month on month and 2.3% year-on-year in January. From a month on month perspective, the increase in service and food prices is the main factor affecting the transition of CPI from flat to rising. The service price increased by 0.9%, an increase of 0.8 percentage points compared to the previous month, which affected the CPI month on month increase by about 0.37 percentage points, accounting for more than 50% of the total CPI increase. During the Spring Festival, there was a significant increase in demand for travel and entertainment during the service period. The prices of plane tickets, transportation rental fees, tourism, movie and performance tickets increased by 27.8%, 16.0%, 11.6% and 9.6% respectively, which affected the CPI by about 0.28 percentage points month on month; Affected by the return of migrant workers and the increasing demand for services, the prices of domestic services and hairdressing have increased by 9.3% and 9.2% respectively. Food prices rose by 1.3%, affecting a month on month increase of about 0.24 percentage points in CPI, accounting for more than 30% of the total CPI increase. From a year-on-year perspective, the prices of services and food have increased significantly due to the impact of the Chinese New Year on the wrong month, coupled with the rebound in gasoline prices, jointly affecting the expansion of CPI year-on-year growth. PPI decreased by 0.2% month on month, with a 0.1 percentage point increase in the decline compared to the previous month. Among them, the prices of means of production have decreased by 0.2% from being flat last month; The price of daily necessities decreased by 0.1% last month and remained stable. PPI decreased by 2.3% year-on-year, the same decrease as last month. Among them, the prices of production materials decreased by 2.6%, the same decrease as last month; The price of daily necessities decreased by 1.2%, a decrease of 0.2 percentage points narrower than last month. (New Society)