Trump draws backlash after praising inflation as US CPI hits 4.2%
Why it matters: Republicans face fresh election pressure as energy costs tied to the Iran war push prices to a three-year high.
President Donald Trump ignited political backlash Wednesday after telling reporters, “I love the inflation,” hours after new data showed US consumer prices rose 4.2% in May from a year earlier, the fastest pace in three years. Trump argued prices would fall sharply once the war involving Iran ends, linking that claim to oil flows and ship movements in and around the Strait of Hormuz. Democrats seized on the remark as evidence he is out of touch with household costs ahead of the November midterm elections. The latest CPI report showed energy prices up 23.5% from a year earlier, including a 40.5% jump in gasoline, while core inflation, which strips out food and energy, came in at 2.9%.