Business & Finance
'I love the inflation,' Trump says as prices jump again
Key Points
Trump, who was in part elected on his promises to tackle inflation, said he had been prepared for the war in Iran to hit stock markets and oil prices. US President Donald Trump on Wednesday appeared to welcome fresh data showing inflation had jumped to an annual rate of 4.2% in May, telling reporters: "I love the inflation". Prices have risen sharply in recent months amid the US's war in Iran, with Tehran's closure of the Strait of Hormuz having a major impact on global markets.
Trump, who was in part elected on his promises to tackle inflation, said he had been prepared for the war in Iran to hit stock markets and oil prices.
US President Donald Trump on Wednesday appeared to welcome fresh data showing inflation had jumped to an annual rate of 4.2% in May, telling reporters: "I love the inflation".
Prices have risen sharply in recent months amid the US's war in Iran, with Tehran's closure of the Strait of Hormuz having a major impact on global markets. Inflation rose from 2.4% in February - before the outbreak of the conflict - to 3.3% in March and 3.8% in April.
Responding to a question about the latest figures at the White House on Wednesday, Trump seemed unconcerned, claiming Washington was continuing to secretly move oil through the Strait of Hormuz, one of the world's most critical oil and gas transit chokepoints.
"No, no I love it. The numbers were great," he said, adding that the US had been "taking out millions of barrels of oil" without Tehran's knowledge.
"We took out the other night 22 ships late at night with no lights, because they don't have any radar," he continued. "That's why oil is $85 a barrel".
Trump, who was in part elected due to his promises to tackle inflation, also said he had been prepared for the war to hit stock markets but stressed that he believed it had been "worth it".
"I hate to do this to you guys but Iran's going to have a nuclear weapon very soon. We have to go and attack," he said of his decision to take military action.
According to the US Bureau of Labor Statistics report, energy prices have increased 23.5% over the past 12 months while gasoline has gone up 40.5%.
Rising prices are set to be a central issue in the run-up to November's midterm elections, which will determine the makeup of congress.
Responding to Trump's inflation comments in a post on social media, US Senator Bernie Sanders said: "You know who doesn't love inflation, Mr. President? Working families struggling to afford gas, groceries and other necessities because of your disastrous actions".