1月物价数据解读：服务价格支撑CPI改善，食品价格仍弱

Group 1: CPI and Price Trends - In January, CPI increased by 0.7% month-on-month (previous value 0%) and 0.5% year-on-year (previous value 0.1%), which is weaker than the historical average of 1.1% for the same period over the past five years[5] - Non-food prices rose by 0.6% month-on-month (previous value 0.1%), while food prices increased by 1.3% (previous value -0.6%), contributing to the CPI increase[5] - Core CPI continued to rise, with a month-on-month increase of 0.5% and a year-on-year increase of 0.6%, both higher than the previous month[4] Group 2: Seasonal Effects and Consumer Behavior - The Spring Festival effect significantly supported non-food prices, which rose by 0.6%, compared to a five-year seasonal average of 0.4%[9] - During the Spring Festival period, approximately 4.18 billion people traveled, with a daily average increase of 8.2% year-on-year, indicating strong travel demand[9] - Domestic tourism during the Spring Festival saw 501 million trips, a year-on-year increase of 5.9%, with total spending reaching 677 billion CNY, up 7.0%[9] Group 3: PPI and Production Trends - In January, PPI decreased by 0.2% month-on-month (previous value -0.1%) and remained unchanged year-on-year at -2.3%[17] - The production demand was weak due to the seasonal slowdown, leading to price declines in steel and non-ferrous metals[18] - The price of oil and gas extraction increased by 4.5% in January, influenced by international oil price trends and OPEC+ production cuts[18]