Trump announces 59% cut in prescription drug prices in US

"Drug prices to be cut by 59%, plus!" Trump said on his Truth Social platform.

"Gasoline, energy, groceries, and all other costs, down. No inflation!!!"

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 interest rate and inflation issues.

"Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION," he said last week.

On Wednesday, the Fed decided not to lower the policy rate, keeping it in the range of 4.25% to 4.5%.

Trump wants to lower interest rates. High rates are no longer required to reduce rising prices.