President Donald Trump declared “I love the inflation” on Wednesday, after official figures showed US prices rose last month at their fastest rate in three years. The Bureau of Labor Statistics reported that the Consumer Price Index jumped 4.2% in May compared with a year earlier, up from 3.8% in April, driven by rising energy costs in the wake of the US-Israel war in Iran.
“I love it. The numbers were great. You know what I really love? I love the inflation,” Trump told reporters at the White House. But he quickly promised the rising prices would “come down like a rock” once the conflict with Iran ended.
“Trump says 'I love the inflation' as US prices rise 4.2% in May, fastest in three years.”
The president later sought to clarify his remarks to the New York Post, saying they had been taken out of context. He told the newspaper: “I love the inflation numbers because of what I'm talking about. 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.”
In his earlier comments, Trump also claimed US forces had conducted nighttime operations to seize “millions of barrels” of oil from Iran, which he said contributed to a slight drop in oil prices. “When this conflict is over… you will see oil drop to where it was before,” he said. The president pointed to a trip to Iowa in early 2026 when he saw petrol selling for $1.85 a gallon, adding that “we will be back at those levels very soon”.
Despite his optimism, the global benchmark Brent crude is still trading significantly higher than pre-war levels. Wednesday marked the third consecutive month that the Consumer Price Index has risen, with households increasingly feeling the strain of the war. 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 average price of a gallon of regular…
Trump has insisted that inflation is only heating up temporarily and expects it to rapidly cool once the war ends. The rate is still far below the peak of 9.1% under his predecessor Joe Biden in mid-2022. However, it poses a political problem for the president, with voters ranking the economy as a top concern ahead of November’s midterm elections. Higher inflation also raises the likelihood of the US Federal Reserve raising interest rates in a bid to curtail spending. The question now is whether Trump’s confidence will be matched by reality – or whether the rising cost of living will become a defining issue at the ballot box.