Rome: The consumer price index in the US fell below expectations in May, according to official figures released on Wednesday. The country's annual inflation rate was 2.4%, while market expectations were for 2.5%.

According to Anadolu Agency, the monthly price increase was 0.1%, compared to a 0.2% estimate. The Bureau of Labor Statistics noted: "The index for shelter rose 0.3 percent in May and was the primary factor in the all items monthly increase."

Additionally, "The food index increased 0.3 percent as both of its major components, the index for food at home and the index for food away from home also rose 0.3 percent in May," the bureau added. Meanwhile, the energy index declined 1% in May as the gasoline index fell over the month.