Donald Trump declared his love for rising prices as official figures showed US inflation surging to its highest level in three years – a remark that risks inflaming voters already feeling the strain of the war in Iran.
“I love it. The numbers were great. You know what I really love? I love the inflation,” the president told reporters at the White House on Wednesday, reacting to Bureau of Labor Statistics data showing consumer prices rose 4.2% over the previous 12 months, up from 3.8% in April. The jump was driven by rising energy costs after the US-Israel war in Iran, which has seen the two countries exchange fire in recent days.
“Trump says 'I love the inflation' as US inflation hits 4.2%, highest in three years, driven by war in Iran.”
Trump quickly promised the price rises would “come down like a rock” when the conflict ends, and later sought to clarify his remarks to the New York Post, insisting they had been taken out of context. “I love the inflation numbers because of what I'm talking about,” he told the paper. “The numbers are going to be phenomenal because what's showing is that despite the fact that we're in a war, the numbers are much lower than anticipated, and when we're out of that war, the numbers will be at lower numbers than they were even before it started.”
The president pointed to weekend operations in which US forces seized “millions of barrels” of oil from Iran, contributing to a slight drop in prices. “When this conflict is over… you will see oil drop to where it was before,” he said, recalling petrol at $1.85 a gallon in Iowa in early 2026 and predicting a swift return to those levels. But the global benchmark for oil, Brent crude, remains significantly higher than before the war.
Households are feeling the pinch: overall energy bills including gas and electricity were almost a quarter higher in May than a year earlier, with petrol responsible for much of the increase, according to separate figures from motoring group the AAA. The Consumer Price Index has now risen for three consecutive months.
For Trump, the inflation figures pose a political problem with midterm elections just five months away. Voters rank the economy as a top concern, and higher inflation raises the likelihood of the Federal Reserve raising interest rates. While the current rate remains far below the 9.1% peak under Joe Biden in mid-2022, the president’s off-hand celebration of rising prices – in the face of growing public unease – has left his opponents pointing to the real cost of his decision to wage war in the Middle East.