Trump says ‘I love inflation’ comment was misunderstood, predicts 4.2% rate will be peak

WASHINGTON, DC: President Donald Trump on Wednesday, June 10,  said that critics of his remark that he “loves the inflation” misunderstood what he meant to say, arguing he was referring to inflation being lower than expected despite the ongoing conflict with Iran.

Speaking to the New York Post after facing backlash, Trump said consumer prices would fall once the war ends and predicted the current 4.2% annual inflation rate would be the highest point reached during the conflict. His comments came after new government data showed inflation accelerated in May.

Trump defends remarks and says inflation will ease after war

During an Oval Office appearance earlier in the day, Trump reacted positively to the latest inflation report, saying, “The numbers were great.”

When asked about the criticism generated by his comment, Trump later told the outlet that he was referring to the broader economic picture rather than rising consumer prices themselves. “I love the inflation numbers because of what I’m talking about,” he said.

“The numbers are going to be phenomenal because what’s showing is that despite the fact that we’re in a war, the numbers are much lower than anticipated, and when we’re out of that war, the numbers will be at lower numbers than they were even before it started.”

Trump argued that energy prices associated with the Iran conflict were contributing to inflationary pressure but maintained that the impact would be temporary. When asked whether the current 4.2% annual inflation rate would be the peak tied to the war, he replied, “I think so. Yeah, I think so.”

The president also contrasted current inflation levels with those recorded during former President Joe Biden’s administration, noting that inflation peaked at 9.1% in June 2022.

Trump further said that resolving the conflict with Iran would provide a boost to financial markets and economic conditions. “You’re gonna see a rocket ship,” he said. 

Democrats criticize comment as inflation data shows price growth accelerating

The debate followed the release of Bureau of Labor Statistics data showing annual inflation rose from 3.8% in April to 4.2% in May. The report also indicated that inflation outpaced wage growth for the second consecutive month.

Democrats quickly criticized Trump’s remarks. Senate Minority Leader Chuck Schumer and Senator Elizabeth Warren accused the administration of being disconnected from the financial strains Americans are facing.

Rep Jamie Raskins also criticised Trump for not thinking about other Americans' “financial situation,” saying "we hate inflation and can’t stand your illegal tariffs, taxes, and wars. We’re sick of your economy for oligarchs!" 

House Speaker Mike Johnson defended the president, saying Trump’s comments had been “totally out of context” and pointing to broader economic indicators he said remained strong, while acknowledging that fuel costs continue to affect consumers.

Trump, meanwhile, maintained that the economy had been performing strongly before the Iran conflict began.  “We hit the best economy we’ve ever had,” Trump said, adding that he believed preventing Iran from obtaining a nuclear weapon justifies military operations even if it temporarily affects inflation and energy prices.