Consumer Price Index (CPI) is one of important references to measure inflation and is the basis for a nation to make macroeconomic policy. This paper chooses latest monthly CPI data during January, 2000August, 2015 to construct Multiplicative Seasonal Model and uses the combination of static prediction and dynamic prediction to conduct the analysis. The analysis result shows that the prediction precision of the Model is relatively high, prediction deviation is MAPE=0.281 54, therefore, CPI prediction result can provide Combined Forecast of China reference for making macroeconomic regulation policies.