China's Consumer Inflation Rises in January, Driven by Lunar New Year Spending

China's consumer inflation accelerated for the first time since August, reaching 0.5% in January compared to the previous year. This increase is attributed to a surge in household spending during the Lunar New Year holiday. The National Bureau of Statistics reported the figure on Sunday, exceeding the median forecast of 0.4% by economists surveyed by Bloomberg. Despite this temporary spike, deflationary pressures persist in the Chinese economy.