I love inflation. This was stated by US President Donald Trump, after official data showed that prices in the country rose last month at their fastest pace in the last three years, BBC reported.
According to data from the Bureau of Labor Statistics (BLS), prices rose by 4.2% in the previous 12 months. The rate of increase - from 3.8% in April, is due to rising energy costs due to the war with Iran.
"I love them. The numbers were great. You know what I really love? I love inflation," Trump said at the White House on the occasion of the presented data. However, he promised that rising prices "will drop like a rock" when the war with Iran is over.
Trump later defended his remarks to the New York Post, saying that he actually liked the fact that inflation was not higher.
"I like the inflation data because of what I'm talking about. The numbers are going to be phenomenal because what it shows is that despite the fact that we are at war, the numbers are much lower than expected, and when we come out of this war, the numbers are going to be lower than they were even before it started," the US president said.
In his earlier comments in response to the latest inflation data, the president said that US forces had conducted night operations to take "millions of barrels" of oil from Iran, which he said contributed to a slight drop in oil prices.
"When this conflict is over... you're going to see the price of oil come down to where it was," Trump promised.
The president pointed to a trip to Iowa in early 2026, when he saw gasoline selling for $1.85 a gallon, and said "we'll be back to those levels very soon."
The global benchmark for oil, Brent crude, is still trading significantly higher than pre-war levels.
Wednesday marked the third straight month in which the U.S. consumer price index (CPI) rose as households increasingly felt the strain of the U.S.-Israeli war in Iran.
Trump has previously said that the rise in inflation is only temporary and expects it cools quickly after the war ends.
Inflation is still well below the peak of 9.1% under his predecessor Joe Biden in mid-2022. But it still poses a political problem for Trump, given that voters ranked the economy as a top issue ahead of the November midterm elections.
Higher inflation makes it more likely that the Federal Reserve will raise interest rates in an effort to rein in spending.
According to separate data from the automotive group AAA, the average price of a gallon of regular gasoline in the United States is now $4.15, a sharp increase from $2.98 in February before the United States and Israel struck Iran.
The Bureau of Labor Statistics data also pointed to rising costs for airfare, personal and medical care, recreation and communications.
Regarding Trump's remarks on inflation, Senate Democratic leader Chuck Schumer wrote on social media that his "contempt for you knows no bounds."
Trump was criticized for saying last month that he was "not at all" influenced by the financial situation of Americans when it came to ensuring that Iran does not develop nuclear weapons.