China's consumer price index (CPI) fell by 0.1% in March from a year earlier, easing from February's 0.7% decline, the National Bureau of Statistics (NBS) said on Thursday.

On a monthly basis, consumer prices fell by 0.4%, a steeper fall than February's 0.2% decline. The NBS also reported that the producer price index (PPI) fell by 2.5% year over year, marking a continued decline in factory-gate prices.

The readings came in below market expectations.