Trump defends inflation spike, says he 'loves' latest economic numbers

The president said higher prices stemmed from the Iran conflict and argued that the US economy stayed strong despite rising inflation
In the Oval Office, President Donald Trump was asked by reporters whether he was concerned about inflation accelerating in May (Getty Images)
In the Oval Office, President Donald Trump was asked by reporters whether he was concerned about inflation accelerating in May (Getty Images)

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.

President Donald Trump speaks during a meeting with Irish Prime Minister Micheál Martin in the Oval Office of the White House, on St. Patrick's Day, Tuesday, March 17, 2026, in Washington. (AP Photo/Alex Brandon)
President Donald Trump speaks during a meeting with Irish Prime Minister Micheál Martin in the Oval Office of the White House, on St Patrick's Day, Tuesday, March 17, 2026, in Washington (AP Photo/Alex Brandon)

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.

WASHINGTON, DC - FEBRUARY 19: U.S. President Donald Trump speaks during the inaugural meeting of the Board of Peace at the Donald J. Trump Institute of Peace on February 19, 2026 in Washington, DC. Assembled to raise money for the rebuilding and stabilization of Gaza, Trump's Board of Peace was formally established on the sidelines of World Economic Forum in January of 2026. (Photo by Chip Somodevilla/Getty Images)
President Donald Trump speaks during the inaugural meeting of the Board of Peace at the Donald J Trump Institute of Peace on February 19, 2026, in Washington, DC (Chip Somodevilla/Getty Images)

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.

A man looks at the ruins of a building after an Iranian missile strike on June 19, 2025 in Holon, Israel. Iran launched a retaliatory missile strike on Israel starting late on June 13, after a series of Israeli airstrikes earlier in the day targeted Iranian military and nuclear sites, as well as top military officials. (Photo by Amir Levy/Getty Images)
A man looks at the ruins of a building after an Iranian missile strike on June 19, 2025, in Holon, Israel (Amir Levy/Getty Images)

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.

RELATED TOPICS US STRIKES IRAN

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