The Chinese National Bureau of Statistics released its consumer and producer price inflation data for China on Tuesday. The Chinese consumer price index (CPI) rose at annual rate of 2.3% in April, missing expectations for a 2.4% increase, after a 2.3% gain in March.

Food prices rose at an annual rate of 7.4% in April, while non-food prices increased 1.1%.

On a monthly basis, consumer price inflation decreased 0.2% in April, after a 0.4% fall in March.

The Chinese producer price index (PPI) dropped 3.4% in April, beating expectations for a 3.8% fall, after a 4.3% decline in March.