Trump says 'I love inflation' as consumer prices hit 3-year high

Donald Trump later clarified to a friendly outlet that he was referring to inflation figures that would improve once the war ends

By Seo Ji-yeon, The Herald Business

US President Donald Trump sparked controversy Wednesday after declaring "I love inflation" on the same day consumer prices rose to their highest level in more than three years. Facing swift criticism that the remark was out of touch with Americans struggling under rising costs, Trump quickly walked it back, saying he had been referring to inflation figures that would fall once the war ends.

Trump made the comment during a question-and-answer session with reporters at the White House on Wednesday after being asked whether he was concerned that the May consumer price index had risen 4.2 percent year-on-year.

"The numbers were great," he said. "You know what I really love? I love inflation."

He then referenced the end of the war with Iran before claiming the United States was securing a large supply of crude oil. "We're bringing in millions of barrels of oil," Trump said. "We pulled out 22 ships in the middle of the night a few days ago with no lights on, and as a result oil prices are staying around $85 a barrel."

He later took to his Truth Social platform to say the US military had supported vessel transit through the Strait of Hormuz, allowing more than 100 million barrels of crude oil to flow into the market.

The remarks drew immediate backlash. The May CPI figure released that day showed a 4.2 percent year-on-year increase — the highest since April 2023. Critics said it was tone-deaf for the president to profess his love of inflation at a moment when rising global oil prices and supply chain instability stemming from the Iran war were intensifying price pressures on ordinary Americans.

As the controversy spread, Trump called the New York Post to offer a clarification.

"I was talking about inflation numbers that are going to get much better when the war is over," he told the outlet. "Inflation rates are going to come down significantly, and that's what I was trying to say."

He also said his remarks were "always taken out of context," adding that inflation figures under his administration would drop sharply once the war ends and were already at a considerably low level.

The episode resurfaced economic concerns about Trump less than a month after his previous remarks on the subject drew criticism.

Last month, before leaving Washington for a visit to China, Trump was asked by reporters whether the burden of high prices on Americans was motivating him to reach an early deal with Iran. He replied, "I don't think about the financial condition of Americans," drawing sharp rebukes.

The White House said at the time that the comment was meant to convey that halting Iran's nuclear development was his top priority. Vice President JD Vance also defended Trump, saying the media had distorted the context of his words.

Analysts warn, however, that Trump's repeated economic remarks — made as the prolonged Iran war continues to stoke fears of higher oil prices and inflation — risk unsettling voters. Price stability is widely seen as central to his political standing, and the recurring controversies over his economic messaging could become a growing political liability.

sjy@heraldcorp.com