Trump Says ‘I Love the Inflation’ as Prices Hit 3-Year High
President Donald Trump on Wednesday declared “I love the inflation” as new government data showed the consumer price index had risen 4.2% over the past year — the highest level in three years. The remark, made in the Oval Office, immediately sparked a firestorm of criticism from Democratic lawmakers who framed it as evidence that the president is out of touch with Americans struggling with rising costs.
According to AP News, Trump was asked by a reporter whether he was concerned about the newly released Consumer Price Index (CPI) data. “No, I love it. The numbers were great. You know what I really love? I love the inflation,” Trump responded.
Inflation Hits a Three-Year High
The Bureau of Labor Statistics reported that the CPI rose 4.2% year-over-year in May 2026, the highest since April 2023. Monthly prices rose 0.5% in May, following increases of 0.9% in March and 0.6% in April. Core inflation, which excludes volatile food and energy prices, stood at 2.9% annually — in line with economist forecasts, as CNBC reported.
Energy costs accounted for more than 60% of the overall increase, according to the data. Energy prices rose 3.9% in May, following a 10.9% surge in March, driven largely by the ongoing U.S.-Iran war that has disrupted global oil supplies through the Strait of Hormuz.
Trump’s Justification and Unverified Claims
Trump attempted to contextualize his remarks by linking inflation to the conflict with Iran, which began in late February 2026. “When the war is over? It’s going to come down like a rock,” he said, according to TIME.
The president also claimed for the first time that a secret military operation had moved 100 million barrels of oil through the Strait of Hormuz — a waterway that normally handles 20% of the world’s oil supply but has been effectively closed by the war. “We’ve been taking out millions of barrels of oil, millions of barrels every night,” Trump said.
However, Energy Secretary Chris Wright, testifying before Congress on the same day, said he was not aware of the U.S. taking millions of barrels of oil from Iran, though he acknowledged that the military had helped some oil tankers transit the strait. Wright described Trump as “an entertaining, hyperbolic guy who’s done tremendous leadership” when asked about the president’s comments.
Market reaction suggested skepticism: U.S. crude oil futures rose roughly 4% on Wednesday, closing at nearly $92 a barrel — above the $85 figure Trump had cited as evidence of his mission’s success.
Democratic Backlash
Democratic leaders wasted no time seizing on Trump’s remarks. Senate Democratic Leader Chuck Schumer posted on social media: “Trump really said, ‘I love the inflation.’ On camera. For all of America to hear. His contempt for you knows no bounds.”
House Democratic Leader Hakeem Jeffries called it an “extraordinary” statement, adding that “he doesn’t give a damn about making life better for everyday Americans,” as Mediaite reported. Sen. Elizabeth Warren wrote: “So there you have it: President Trump loves that you’re paying higher prices.”
Sen. Bernie Sanders highlighted the contrast with Trump’s campaign promises: “Candidate Trump: ‘I will end inflation on Day One.’ President Trump today: ‘I love the inflation.’ You know who doesn’t love inflation, Mr. President? Working families struggling to afford gas, groceries and other necessities because of your disastrous actions.”
Illinois Gov. JB Pritzker struck a similar chord, writing: “People can’t afford to feed their families. Your struggle is a joke to him.”
Midterm Implications
The remarks come at a precarious political moment for Republicans, who hold slim majorities in both chambers of Congress ahead of the November midterm elections. Affordability remains a top concern for voters, and polling data paints a grim picture for the administration.
An Economist/YouGov poll found that 63% of Americans disapprove of how Trump has handled the economy, while a Reuters poll reported that 70% disapprove of his handling of the cost of living. The Democratic National Committee highlighted these figures in its response, with DNC Rapid Response Director Kendall Witmer stating that Trump’s “disastrous economic agenda and deadly and costly war with Iran have made life unbearable for millions of Americans.”
Even Fox News commentator Jessica Tarlov weighed in, posting: “And Democrats just won the midterms.”
What’s Next
Trump’s embrace of the inflation numbers marks a notable shift from his previous strategy of dismissing rising prices as a “hoax” or blaming Democrats. By framing inflation as a temporary byproduct of the Iran war, the administration is betting that a resolution to the conflict will bring prices down before voters head to the polls in November.
However, with Trump having repeatedly claimed a peace deal is “days away” throughout the months-long conflict, and with oil markets showing little confidence in his assertions, the path to lower prices remains uncertain. The Federal Reserve may also face pressure to adjust interest rates in response to the persistent inflation, potentially further weighing on the economy.
For now, one thing is clear: Trump’s unscripted remark has given Democrats a potent campaign weapon — and they are already using it.