China’s annual consumer price index (CPI), a measure of inflation, rose 0.5% in January from 0.1% in December, the National Bureau of Statistics said earlier this week, the fastest pace in five months and beating expectations for a 0.4% increase.

The core index, which excludes volatile food and energy prices, rose 0.6% in January from 0.4%. China’s producer price index (PPI), meanwhile, fell to 2.3% year-on-year in January, the same pace as in December, while expectations had been for a 2.2% decline.