WASHINGTON – President Donald Trump dismissed concerns about a sharp rise in consumer prices in the country and told reporters he likes inflation as gas prices remain high as a result of the US war in Iran.
Trump made the comments on June 10 when asked if he was concerned about the Labor Department’s latest consumer price index, which found that prices in May were 4.2% higher than a year earlier. It marked the first time inflation climbed above 4% since 2023, making it the biggest increase in three years.
What did Trump say about inflation?
“No, I like it. The numbers were great. I like inflation. You know why?” Trump said.
The President then revealed that the United States is quietly “removing millions of barrels of oil” from Iran, adding that these efforts have helped prevent oil prices from rising amid the war, which began with U.S. strikes in late February.
“I can say it right now. Do you know we’re pumping out millions of barrels of oil? Nobody knows it. You know who doesn’t know? Iran yet,” Trump said, speaking from the Oval Office before signing a $70 million reconciliation bill that boosts border and immigration enforcement.
Trump did not say how much oil the US has taken from Iran or when the efforts began.
Impact of Iran war on gas prices
Since the start of the Iran war on Feb. 28, regular gas prices for U.S. consumers have risen 40% as the blockade in the Strait of Hormuz has limited global oil supplies.
According to the latest CPI report, gas prices rose 7% in May, following a 5.4% increase in April and a 21.2% increase in March. They are up 40.5% over the year. The department’s index for energy rose 3.9% in May and all items increased by more than 60% monthly.
Political stakes are rising heading into the midterms
Trump’s diplomatic efforts with Iran have failed to produce a peace deal, despite the president repeatedly insisting that a deal was close. Trump said on June 10 that the US was planning to launch a new wave of attacks on Iran as he accused the Middle East country of taking “too long” to agree to a deal.
As the war in Iran drags on and peace talks stall, Trump and Republicans risk making rising gas prices a focal point in the fight for the midterm elections in November. Republicans face an uphill battle to maintain their slim majority in the House, and Democrats increasingly believe they have a path to take control of the Senate.
When Trump was asked if he expected inflation to go down before November, he said, “When the war is over, it’s going to come down.” “It’s going to come down like a rock.”
Contributing: Rachel Barber, USA TODAY
