US President Donald Trump has come under fire after declaring that he “loves inflation” following the release of new data showing American consumer prices climbed at their fastest pace in three years.
According to figures released by the US Bureau of Labor Statistics, inflation rose by 4.2 per cent in May compared to the same month a year earlier, up from 3.8 per cent in April. The increase was largely driven by surging energy costs linked to the ongoing conflict involving the United States, Israel and Iran.
Speaking at the White House, Trump praised the latest economic figures and made the remark that quickly sparked controversy.
“I love it. The numbers were great. You know what I really love? I love the inflation,” he told reporters.
The president later insisted that prices would eventually fall sharply once the conflict with Iran ends, predicting that inflation would “come down like a rock”.
Trump also claimed that recent US military operations had removed millions of barrels of Iranian oil from the market and suggested that oil prices had already begun easing slightly. He argued that fuel prices would eventually return to levels seen earlier this year once the conflict subsides.
However, global oil prices remain significantly higher than they were before hostilities intensified, while American motorists continue to face rising fuel costs.
The inflation report marked the third consecutive monthly increase in consumer prices, with households increasingly feeling the impact of higher energy bills, fuel costs and broader economic pressures linked to the regional conflict.
Data showed that energy costs, including petrol, gas and electricity, were nearly 25 per cent higher than a year ago. Separate figures also indicated that the average price of regular petrol in the United States has surged since military strikes against Iran began.
The economic impact has been compounded by Iran’s effective closure of the Strait of Hormuz, one of the world’s most strategically important shipping routes through which roughly one-fifth of global oil and gas supplies typically pass.
Economists warn that even if the conflict is resolved quickly, disruptions to shipping and energy supplies could continue affecting global markets for years.
The latest inflation figures also revealed rising costs across several sectors, including air travel, healthcare, communications and recreational services.
While inflation remains well below the 9.1 per cent peak recorded in 2022 during the administration of Joe Biden, the increase presents a political challenge for Trump ahead of the upcoming midterm elections, where economic issues are expected to dominate voter concerns.
Trump later clarified that his comments had been taken out of context, saying he was referring to inflation being lower than some analysts had anticipated despite the conflict in the Middle East.
Nevertheless, political opponents seized on the remarks. Senate Democratic leader Chuck Schumer criticised the president on social media, accusing him of being disconnected from the financial struggles faced by ordinary Americans.
The inflation surge also places additional pressure on the US Federal Reserve under its new governor, Kevin Warsh, ahead of an upcoming interest rate decision.
Financial analysts remain divided over whether the latest inflation data will be enough to trigger a rate hike, though many agree that persistent price increases could force policymakers to take further action in the months ahead.
