US President Donald Trump said on Wednesday he “loves the inflation” as US consumer prices rose at their fastest pace in three years.
Figures from the Bureau of Labor Statistics showed prices climbed 4.2 per cent in May from a year earlier, up from 3.8 per cent in April, driven by higher energy costs amid the US‑Israel war in Iran, reports BBC.
“I love it. The numbers were great. You know what I really love? I love the inflation,” Trump told reporters at the White House. He promised prices would “come down like a rock” once the conflict ended. Later in the day, US forces bombed Iran.
Trump said, US troops had carried out nighttime operations to seize “millions of barrels” of Iranian oil, contributing to a slight easing in prices. He pointed to a trip to Iowa earlier this year where petrol sold for $1.85 a gallon, adding, “We will be back at those levels very soon.”
Brent crude, the global benchmark, remains well above pre‑war levels.
Trump later told the New York Post his remarks were taken out of context, saying he meant inflation was “much lower than anticipated” despite the war.
May marked the third straight monthly rise in the Consumer Price Index, with households feeling the strain of the conflict. Inflation remains far below the 9.1 per cent peak under Joe Biden in mid‑2022 but poses a political challenge for Trump ahead of November’s midterm elections.
Higher inflation increases the likelihood of the Federal Reserve raising interest rates. Energy bills were nearly 25 per cent higher in May than a year earlier, with petrol driving much of the increase.
AAA data showed the average US petrol price at $4.15 a gallon, up sharply from $2.98 on 28 February, when Trump launched strikes on Iran. In response, Tehran has effectively closed the Strait of Hormuz, a key route for global oil and gas shipments.
On Wednesday night, the US military said it had carried out fresh strikes on Iran, the second in two days. Both sides have exchanged fire this week despite an April ceasefire. The war began more than three months ago.
