Trump Says 'I Love the Inflation' as CPI Hits 3-Year High
President Trump defended rising inflation during a press conference, stating he loves the inflation numbers and claiming the U.S. has been secretly taking millions of barrels of Iranian oil each night. He predicted inflation will drop rapidly once the U.S.-Iran conflict ends.
Trump's Controversial Inflation Remarks
President Trump on Wednesday applauded the latest inflation spike, saying the numbers are "great" and "I love the inflation" because the U.S. is "taking out" what he called "millions" of barrels of Iranian oil through the Strait of Hormuz and because once the conflict is over, he said oil prices and inflation will drop rapidly.
The CPI Report Context
A reporter asked the president in the Oval Office Wednesday if he's concerned that the Consumer Price Index rose at an annual rate of 4.2%, up from 3.8% in the prior month and marking the highest level since April 2023. Core inflation, which excludes the cost of food and energy, was at 2.9% annually.
Trump's Oil and War Claims
Trump said "because as soon as this war is over, you know I can say it now ... you know we've been taking out millions of barrels of oil" and "We've been taking out millions of barrels of oil, millions of barrels every night." When asked about inflation falling once the war ends, Trump said "It's going to come down like a rock" and "Every night."
Political Fallout
Democrats seized on the president's inflation comments, with Senate Minority Leader Chuck Schumer writing on X: "Trump really said, 'I love the inflation.' On camera. For all of America to hear. His contempt for you knows no bounds." House Speaker Mike Johnson defended the president's comments Wednesday, telling reporters Mr. Trump was taken out of context and was actually referring to future economic improvements.