China reports 3.4% inflation rate in April 

(MENAFN) China's National Bureau of Statistics stated that the country's inflation in April fell to 3.4 percent, compared with 3.6 percent in March, reported AP.

The agency said that the moderation in the consumer price index (CPI) was attributed to the drop in costs of food, with its price inflation falling to 7 percent from 7.5 percent a month earlier, in addition to a decline in costs of housing.

It also said that the producer price index (PPI) of costs for manufacturers dipped 0.7 percent, however, in the longer term, wages and rental prices are growing.

It is worth noting that during the first quarter, China's economic growth slowed to 8.1 percent, compared with 8.9 percent in the previous quarter.