U.S. President Donald Trump has sparked controversy by expressing the unexpected view that he welcomes the rapidly surging U.S. inflation.
According to a compilation of major foreign media reports including the AP on the 10th (local time), President Trump, referring to a report that the consumer price index (CPI) in May jumped 4.2% from a year earlier, said, "Do you know what I really like? I love inflation." This is a completely different stance from the past, when he dismissed the issue of the inflation rate as a lie fabricated by the Democratic Party or claimed that Americans' cost of living was falling. The 4.2% figure is the highest monthly inflation rate since April 2023. This also directly contradicts the stance he took during the 2024 presidential election, when he promised to quickly rein in rising prices.
President Trump claimed that the price surge was due to higher energy expense stemming from the war with Iran. He said, "I'm announcing this for the first time today, but we are drawing off millions of barrels every night," revealing that a secret military operation was underway to transport more than 100 million barrels of crude oil through the Strait of Hormuz. He also highlighted the point on his social media, posting that "more than 200 commercial ships have safely passed through the strait." However, considering that an average of 20 million barrels a day passed through the Strait of Hormuz before the war, experts noted that this amounts to only five days of normal shipments. There is also no objective data to back up exactly what role the U.S. military actually played in the Strait of Hormuz.
The opposition Democratic Party moved quickly to attack. Chuck Schumer, the Democratic Senate majority leader, wrote on X that "he said he loves inflation on camera for all Americans to hear," criticizing that "his contempt for the people knows no bounds." House Minority Leader Hakeem Jeffries also said on X, "We have finally found something Donald Trump loves as much as himself." Rep. Emilia Sykes pressed Energy Minister Chris Wright at a hearing on whether he loves inflation. Minister Wright said, "I love ending Iran's nuclear weapons capability," but stepped back to add, "I prefer lower inflation." He defended the president's remarks, saying, "(Trump is) a fun and exaggerated person who demonstrates tremendous leadership."
As the controversy spread, the administration moved to contain it. The White House emphasized that prices for new cars, prescription drugs, and auto insurance fell in May. White House Spokesperson Kushi Desai said in an emailed statement, "If the Iran situation is resolved, oil and gas prices and overall inflation will plunge," adding, "We will continue to advance our affordability agenda so Americans can keep more of the money they earn through hard work."
Market reaction also cooled sharply. President Trump claimed that thanks to the secret transport operation, oil prices, which had topped $110 a barrel in early April, fell below $90. But as jitters grew with the U.S. military carrying out airstrikes on Iran and Iran striking back at countries in the region, on the 10th U.S. crude futures instead rose about 4% from the previous session to close near $92 a barrel.