On February 11th, the National Bureau of Statistics released data showing that in January, consumer demand continued to recover, with the national Consumer Price Index (CPI) rising by 0.2% year-on-year and 0.2% month on month; The Producer Price Index (PPI) for industrial producers decreased by 1.4% year-on-year, narrowing the decline by 0.5 percentage points compared to the previous month; The month on month increase was 0.4%, an increase of 0.2 percentage points from the previous month. In January, residents' consumption demand continued to recover, and CPI remained on the rise, but the year-on-year growth rate slightly declined. ”Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, analyzed that the decline in CPI growth is due to the impact of the wrong month of the Spring Festival. January of last year was the Spring Festival month, and the prices of food and some services increased significantly, resulting in a higher comparison base compared to the same period last year, which led to a significant decrease in year-on-year growth this month. Secondly, changes in international oil prices led to an expansion of the decline in energy prices. Specifically, in January, food prices fell by 0.7%, affecting a year-on-year decrease of about 0.11 percentage points in CPI, while the impact on CPI from the previous month was an upward pull of about 0.21 percentage points; The service price increased by 0.1%, affecting the year-on-year increase of CPI by about 0.05 percentage points, and the upward impact on CPI decreased by about 0.20 percentage points compared to the previous month. In January, energy prices fell by 5.0%, affecting CPI by about 0.34 percentage points year-on-year. The downward impact on CPI year-on-year increased by about 0.06 percentage points compared to the previous month, with gasoline prices falling by 11.4% year-on-year, expanding the decline by 3.0 percentage points compared to the previous month. ”Dong Lijuan said. The core CPI, which excludes food and energy prices, maintains a moderate upward trend. Data shows that in January, the core CPI increased by 0.8% year-on-year; The month on month increase was 0.3%, the highest in nearly 6 months. Liu Fang, a researcher at the Market and Price Research Institute of the National Development and Reform Commission, stated that the core CPI, which excludes short-term disturbances in food and energy prices, is a good indicator for observing long-term trends in prices and macroeconomic supply and demand situations. The sustained moderate increase in core CPI indicates that consumer demand continues to recover, reflecting the improved effectiveness of China's macro policy implementation and the emergence of the advantages of a super large market. Driven by the continuous promotion of the construction of a unified national market and the increasing demand in some industries, PPI continued to show positive changes in January. In January, PPI rose by 0.4% month on month, marking the fourth consecutive month of increase, with the growth rate expanding by 0.2 percentage points compared to the previous month. The continuous promotion of the construction of a unified national market has driven up prices in some industries, with cement manufacturing and lithium-ion battery manufacturing prices both rising for four consecutive months on a month on month basis. ”Dong Lijuan said. Dong Lijuan analyzed that the increase in demand in some industries has further driven up prices in related industries. For example, the accelerated development of digital technologies such as artificial intelligence and the growing demand for computing power have driven up prices in the computer communication and other electronic equipment manufacturing industry by 0.5% month on month; The increase in stocking demand for gifts and food before the Spring Festival has driven up prices in the manufacturing of arts and crafts, etiquette supplies, and agricultural and sideline food processing industries by 4.1% and 0.3% respectively. With the increasing efforts in countercyclical and cross cyclical adjustments, the construction of a unified national market continues to advance, and residents' employment and income expectations improve. The potential for domestic demand is expected to be further released, which will provide support for prices in related industries. ”Liu Fang said. (New Society)