US President Donald Trump said that he “loves inflation” after new data showed that annual inflation in the United States rose to 4.2% in May.
Although he was partly elected on promises to tackle rising prices, Trump told reporters at the White House that he was prepared for the economic consequences of the war in Iran to affect stock markets and oil prices.
Inflation in the US has risen significantly in recent months, alongside the escalation of the conflict in Iran and the closure of the Strait of Hormuz by Tehran, which has had a major impact on global energy flows. According to the data, inflation increased from 2.4% in February, to 3.3% in March, 3.8% in April, and 4.2% in May.
Trump said that the US continues to carry out secret operations transporting oil through the Strait of Hormuz, one of the world’s most important oil and gas transit routes. He claimed that the US has “taken out millions of barrels of oil without Iran’s knowledge.”
In his statement, Trump said he is not concerned about the economic consequences, arguing that the rise in oil prices is a result of military activity, with prices reaching around $85 per barrel.
According to the US Bureau of Labor Statistics, energy prices have increased by 23.5% year-on-year, while gasoline has risen by 40.5%.
Economic pressures and rising prices are expected to be a key issue ahead of November’s congressional elections.
US Senator Bernie Sanders also responded to Trump’s remarks on social media, saying that working families are the hardest hit by rising prices and that they “do not want inflation caused by bad policies.”
