By Blessing Nweke
President Donald Trump has defended comments in which he said he “loves the inflation,” after new data showed US consumer prices rose at their fastest annual pace in three years, driven largely by surging energy costs linked to the ongoing conflict with Iran.
According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 4.2% in May compared with a year earlier, up from 3.8% in April. The rise marked the third consecutive month of accelerating inflation and intensified concerns about the economic impact of the US-Israel war with Iran.
Speaking at the White House on Wednesday, Trump said, “I love it. The numbers were great. You know what I really love? I love the inflation.” The remark quickly drew criticism from political opponents and economists worried about the burden of higher prices on American households.
Later, Trump said his comments had been taken out of context, explaining that he meant inflation was lower than many analysts had expected despite the war. He maintained that price pressures would ease once the conflict ends, predicting oil prices would “come down like a rock.”
The president also claimed recent US military operations had removed millions of barrels of Iranian oil from circulation and contributed to a slight decline in oil prices. However, global benchmark Brent crude remains well above pre-war levels.
Energy costs have been a major driver of inflation, with petrol prices rising sharply since US strikes on Iran began in February. Data from motoring group AAA showed average regular gasoline prices reached $4.15 per gallon, up from $2.98 before the conflict escalated.
Economists warn that disruptions to shipping through the Strait of Hormuz could continue to affect global energy markets for years. The inflation surge also increases pressure on the Federal Reserve, with some analysts suggesting persistent price growth could lead to higher interest rates in the coming months.
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