China's inflation hits 2.4 percent in March

(MENAFN) China"s main gauge of inflation, the consumer price index (CPI), increased to 2.4 percent last month from 2 percent the month before it, Xinhua reported. China"s National Bureau of Statistics said that Food prices in the country increased 4.1 percent in March, contributing 1.35 percentage points to the CPI increase. The bureau also said that the producer price index (PPI), which measures inflation at the wholesale level, dropped 2.3 percent in the month. The inflation rate in China came well below the target of 3.5 percent set by the government.