President Donald Trump drew swift political backlash after declaring that he "loves the inflation" following the release of new government data showing consumer prices rose at their fastest annual pace in more than three years.
The comments came after the Consumer Price Index increased 4.2% in May from a year earlier, the highest annual inflation rate since April 2023. Speaking at the White House, Trump described latest figures as "great" and said he was optimistic that prices would fall once the war in Iran subsides, according to The Associated Press.
Rather than disputing the inflation figures, Trump argued that rising prices are primarily being driven by higher energy costs linked to the ongoing conflict. The president said relief would come through efforts to stabilize oil supplies and lower fuel costs.
"You know what I really love? I love the inflation," Trump said while discussing the latest economic data.
The remarks quickly became a focal point in Washington, where inflation and household affordability remain major political issues ahead of the November midterm elections.
Trump's comments came as the administration continued to focus attention on developments in the Strait of Hormuz. The president said the United States has been helping move large quantities of oil through the waterway despite disruptions linked to the conflict.
Trump claimed for the first time publicly that U.S. efforts had enabled more than 100 million barrels of oil to reach global markets and that more than 200 commercial ships had safely transited the strait. The administration has not publicly released data supporting those figures.
The Strait of Hormuz has remained at the center of global energy concerns since the outbreak of the Iran conflict earlier this year. Shipping disruptions and military tensions in the region have contributed to volatility in energy markets and increased pressure on fuel prices worldwide. Reuters reported that additional liquefied natural gas tankers had recently exited the strait amid continuing tensions between the United States and Iran, underscoring the route's importance to global energy supplies. Tensions escalated after as the U.S. launched renewed strikes against Iran and the country said it was shutting the Strait of Hormuz.
The inflation report added to concerns about the impact of higher energy prices on consumers. According to government data cited in The AP report, some individual costs, including new vehicles, prescription drugs and auto insurance, declined in May compared with the previous month. However, overall inflation continued to outpace wage growth, reducing purchasing power for many Americans.
The White House defended its economic approach following the release of the data. White House spokesman Kush Desai said the administration has consistently argued that oil and gas prices will fall once the Iran situation is resolved and that officials remain focused on policies aimed at improving affordability for households.
