Trump’s remark came as he was asked about the latest data from the Bureau of Labor Statistics, which showed the Consumer Price Index rising at a faster rate in May for the third consecutive month this year and the 4.2% increase from May of last year representing the first time inflation has topped 4% since 2023.
“Trump really said, ‘I love the inflation.’ On camera. For all of America to hear,” Senate Minority Leader Chuck Schumer (D, N.Y.) posted on social media. Rep. Hakeem Jeffries (D, N.Y.), the House Minority Leader, similarly called Trump’s remark an “extraordinary” statement, adding that the only conclusion to draw “is that he doesn’t give a damn about making life better for everyday Americans.”
Trump even claimed his Administration has provided some economic relief, pointing to more than 100 million of barrels of oil he said were obtained in a secret mission from the bottlenecked Strait of Hormuz—the waterway that Iran has choked off and through which a fifth of global oil production before the war passed through. Trump said the mission, which has not been verified, was the reason why oil barrel prices haven’t jumped to experts’ predictions of $250 and have stayed near $90.
Despite this, he’s continued to promise that prices will go back to pre-war levels. In the White House, he referred to a trip to Iowa in early 2026, during which he claimed to have seen gas prices at $1.85 per gallon: “We will be back at those levels very soon.”
It’s the third straight monthly increase since February, when the Iran war broke out in the latter part of the month. Monthly, prices rose 0.5% last month, after rising 0.9% in March and 0.6% in April.
While inflation is still far below the most recent peak of 9.1% under former President Joe Biden in mid-2022, it is still above the Federal Reserve’s 2% target for price stability, though that target has been surpassed every month since March 2021. Higher inflation could lead to interest rate hikes, which may further diminish business and consumer sentiment and weaken the economy.
What Trump has said about inflation
When he campaigned for his second presidential term, he repeatedly pinned the blame for inflation on Biden rather than external circumstances. “We all knew that Joe Biden would be not so good, but few could have imagined that he would be such a disaster for this country, what they've done,” he said at a rally in Arizona in early 2022. At a 2023 Conservative Political Action Conference, Trump promised to “take care of inflation very, very quickly” if he became President.
Trump tried to embrace “affordability” in late 2025, as Democrats used it to campaign against the GOP, and the Administration even reversed some policies in an attempt to lower prices. But by December, as inflation continued to stay above targets, Trump called the issue a “hoax,” a “fake narrative,” and a “con job” manufactured by Democrats. “We’re the ones that are fixing it,” Trump added.
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