ISTANBUL

US President Donald Trump hailed the lower-than-expected annual and monthly inflation data out on Wednesday while again urging the Federal Reserve to lower interest rates to cut the cost of borrowing.

"CPI JUST OUT. GREAT NUMBERS!" Trump said on social media.

"FED SHOULD LOWER , ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!" he added.

Annual US inflation rate was 2.4% in May, according to the Bureau of Labor Statistics, while market expectations were for 2.5%.

The monthly price increase was 0.1% in May, compared to a 0.2% estimate.

The bureau said: "The index for shelter rose 0.3 percent in May and was the primary factor in the all items monthly increase."

"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," it added.

Meanwhile, the energy index fell 1% in May as the gasoline index fell during the month.

Trump has continually urged Fed Chair Jerome Powell to cut interest rates, calling him "Too Late," "a fool," and "a major loser" for his cautious policy on rates.

Trump even hinted he was considering firing Powell before his term ends, but later said he had "no intention" of doing so.

Powell, however, has not backed down from the central bank's stance of keeping the policy rate constant for the last five meetings.