Washington: US President Donald Trump announced on Monday that prescription drug prices in the country will be reduced by 59%, without providing further details. "Drug prices to be cut by 59%, plus!" Trump stated on his Truth Social platform, adding that other costs like gasoline, energy, and groceries are also expected to decrease, claiming "No inflation!!!"

According to Anadolu Agency, the annual inflation rate in the US was 2.4% in March and 2.8% in February. Trump has previously criticized Federal Reserve Chair Jerome Powell on issues related to interest rates and inflation, asserting last week that "Oil and Energy way down, almost all costs (groceries and 'eggs') down, virtually NO INFLATION."

On Wednesday, the Federal Reserve decided not to lower the policy rate, maintaining it in the range of 4.25% to 4.5%. Trump advocates for lower interest rates, arguing that high rates are no longer necessary to curb rising prices.