President Donald Trump declared he ‘loves the inflation’ as official figures showed US prices rose at their fastest rate in three years — a third consecutive monthly increase fuelled by rising energy costs since the outbreak of the US-Israel war in Iran.
The Bureau of Labor Statistics reported that the consumer price index jumped to 4.2% in May, up from 3.8% in April. Before the conflict began in February, inflation stood at 2.4%. Speaking from the White House on Wednesday, Trump was unabashed: “No, I love it. The numbers were great. You know what I really love? I love the inflation.”
“Trump says 'I love the inflation' as US inflation hits 4.2% in May, a three-year high driven by Iran war energy costs.”
He argued that recent military operations had secured oil supplies. “We took out the other night 22 ships late at night, with no lights because they don’t have any radar, because we blasted the crap out of it,” Trump said, claiming the US had seized “millions of barrels” of Iranian oil. The claims have not been independently verified.
The president later sought to clarify his remarks, telling the New York Post that he had meant he loved the fact inflation was not higher. “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,” he said.
Energy prices accounted for 60% of May’s monthly increase. The national average price for a gallon of petrol is $4.15, according to the AAA — $1 more than a year ago. Airline fares rose 26.7% annually, squeezing travellers ahead of the summer season. Food, energy services and clothing also climbed. Stripping out volatile food and energy, core CPI increased 2.9%.
Trump promised that prices would “come down like a rock” once the war ends, pointing to a trip to Iowa where he saw petrol at $1.85 a gallon. He added: “We will be back at those levels very soon.” But the global benchmark for oil, Brent crude, remains significantly above pre-war levels.
The White House issued a statement calling the figures “at-expectation” and blaming Iran’s “efforts to subvert the free flow of energy.” Spokesperson Kush Desai said prices of prescription drugs, dairy, cars, and insurance “continue to decline thanks to the Trump administration’s policymaking.”
The rising cost of living poses a political problem for Trump, with voters ranking the economy as their top concern ahead of November’s midterm elections. Higher inflation also increases the likelihood of the Federal Reserve raising interest rates to curb spending. Inflation remains far below the 9.1% peak under Joe Biden in mid-2022, but the upward trend — and the president’s apparent celebration of it — has reignited debate about the economic costs of the war in Iran.