Washington: US President Donald Trump celebrated the release of lower-than-expected annual and monthly inflation figures, reiterating his demand for the Federal Reserve to reduce interest rates to lower borrowing costs. "CPI JUST OUT. GREAT NUMBERS!" Trump exclaimed on social media, emphasizing the significance of these economic indicators.

According to Anadolu Agency, the Bureau of Labor Statistics reported that the annual US inflation rate stood at 2.4% in May, slightly below market expectations of 2.5%. The monthly increase in consumer prices was recorded at 0.1%, compared to the anticipated 0.2%. The bureau highlighted that the shelter index rose by 0.3% in May, contributing significantly to the overall monthly increase. Additionally, the food index saw a 0.3% rise, driven by increases in both food consumed at home and away.

Conversely, the energy index experienced a decline of 1% in May, attributed to a drop in the gasoline index. President Trump has persistently pressured Federal Reserve Chair Jerome Powell to implement rate cuts, criticizing his cautious approach to monetary policy. Trump has used terms like "Too Late," "a fool," and "a major loser" to describe Powell's stance on maintaining steady rates.

Despite Trump's vocal criticisms, Powell has consistently upheld the Federal Reserve's decision to keep the policy rate unchanged for the past five meetings. While Trump has hinted at considering Powell's removal, he later clarified that he has "no intention" of doing so before Powell's term concludes.