Prices rise, Trump: I like inflation - President's popularity at career low
President Donald Trump, after releasing inflation data showing growth above 4%, told reporters that he "liked" inflation, adding that prices would fall once the war with Iran ended.
Asked about data showing consumer inflation in May rose at the fastest pace in three years, and that he penalized Republicans just months before the November midterm elections, Trump said: "I like inflation."
The president then explained how he greenlit a plan to secretly move oil tankers through the Strait of Hormuz because of concerns about higher costs and rising inflation. "It was worth it to me," Trump said, calling the operation a success.
"When the war is over, you're going to see oil go back down to where it was before," Trump said. He has called the war on Iran a roundabout way and has described it as a national security issue, as the closure of a key shipping route from Tehran has raised the cost of gasoline, fertilizer and other goods, contributing to inflation.
Rising prices could also prevent the U.S. Federal Reserve from cutting interest rates, which could lower borrowing costs, which Trump has sought since returning to power last year.
Republicans are seeking to retain control of the U.S. House of Representatives and Senate, but are concerned that a backlash from consumers could overwhelm Democrats, as the cost of living remains a top issue for voters.
Trump himself won the 2024 presidential election largely because of his promise to reduce inflation, but since then his popularity due to rising living costs has fallen to the lowest level of his political career.
Efforts to reopen the Strait of Hormuz to tanker traffic to move goods have so far stalled, with industry executives and analysts warning that the coming weeks could see another oil price shock, severe enough to rattle broader financial markets.
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