US President Donald Trump has said he “loves” inflation despite fresh data showing consumer prices in the United States have risen by more than 4%, their fastest pace in 3 years, as the conflict involving Iran continues to affect global energy markets.
Speaking to reporters on Wednesday, Trump dismissed concerns that rising prices could hurt Republican prospects in November’s midterm elections.
Asked about government figures showing inflation accelerated in May and whether higher living costs could become a political liability, Trump replied: “I love the inflation.”
The president also defended a decision to approve a secret operation to move oil tankers through the Strait of Hormuz, saying the move was necessary to limit the impact of disruptions on energy supplies and consumer prices.
“It was worth it to me,” Trump said, describing the operation as successful.
He maintained that inflationary pressures linked to the conflict would ease once the war ends.
“When it’s over, you will see oil drop to where it was before,” Trump said. “It’s coming down. It’s going to come down like a rock.”
Trump has characterised the war as a national security matter, while Tehran’s closure of the Strait of Hormuz has pushed up the cost of gasoline, fertiliser and other goods, contributing to rising inflation.
The increase in prices has also raised questions about whether the US Federal Reserve will proceed with interest rate cuts. Trump has repeatedly called for lower rates since returning to office last year, arguing they would reduce borrowing costs.
Republicans are seeking to retain control of both the House of Representatives and the Senate in November, but some party members fear voter dissatisfaction over the cost of living could strengthen Democratic prospects.
Trump returned to the White House after campaigning heavily on promises to reduce inflation. However, his approval ratings, including assessments of his handling of living costs, have fallen to the lowest levels of his political career.
Attempts to restore normal tanker traffic through the Strait of Hormuz have so far failed, with analysts warning that further increases in oil prices could affect broader financial markets.
Even if Washington and Tehran reach an agreement soon, industry experts expect it could take months for supply chains and shipping operations to recover fully, with disruptions likely to continue into 2026.
Last month, Trump downplayed concerns about the financial impact on Americans while discussing Iran policy, saying: “I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon.”
Faridah Abdulkadiri
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