Trump defends inflation spike, says he 'loves' latest economic numbers
WASHINGTON, DC: President Donald Trump on Wednesday, June 10, dismissed concerns over rising inflation, saying he was pleased with the latest economic data even as consumer prices climbed to their highest level in more than two years.
Speaking to reporters in the Oval Office, Trump was asked whether he was worried about inflation accelerating in May. The president responded emphatically. “No, I love it. The numbers were great,” Trump said.
He later added, “I love the inflation,” while pointing to developments in the Middle East and rising oil prices following US military action against Iran.
Inflation reaches highest level since 2023
New data released by the Labor Department showed that the Consumer Price Index (CPI) rose 4.2% over the past 12 months, up from April and marking the highest annual inflation rate since early 2023. Prices increased 0.5% in May alone, driven largely by energy costs.
According to the report, energy prices rose 3.9% in May after increasing 3.8% in April and 10.9% in March. Analysts have linked much of the recent surge in fuel costs to tensions in the Middle East following military confrontations involving Iran.
Trump argued that the rise in oil prices reflected broader geopolitical developments. “That’s why oil is $85 a barrel,” he said, referencing US operations that targeted Iranian assets and disrupted regional activity.
President defends Iran strategy
Trump maintained that the US economy had been performing exceptionally well before the conflict with Iran escalated.
“We had just hit the highest stock market in history, highest 401(k)s in history. Everything was going well,” he said.
The president argued that military action was necessary to prevent Iran from developing a nuclear weapon, even if it created short-term economic challenges. “Iran’s going to have a nuclear weapon very soon. We have to go and attack,” Trump said.
The administration has repeatedly argued that inflation and energy prices will ease once the conflict in the Middle East subsides. However, continued military exchanges and a fragile ceasefire have raised questions about how quickly prices might stabilize.
Trump’s critics have accused him of downplaying the financial strain facing American households, particularly as inflation continues to outpace wage growth in several sectors.
The latest remarks are likely to fuel further debate over the economic consequences of the administration’s Iran policy and whether consumers will see relief from rising prices in the months ahead.
