Trump says ‘I like inflation’ as annual rate hits 3-year high

President Donald Trump faced an unlikely enemy Wednesday: inflation.

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Asked by reporters if he was concerned about new economic data that showed inflation last month hit its highest rate since the start of 2023, Trump praised the government figures.

“The numbers were great. You know what I really like? I like inflation. You know why? Because as soon as this war is over…when the war is over, it will collapse, it will collapse like a rock,” he said, referring to U.S. efforts to secretly smuggle oil ships through the Strait of Hormuz.

Democrats pounced on Trump’s remarks, with Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, Democrat of Mass., accusing him of not caring about the rising cost of living for Americans.

Trump later claimed his comments were taken out of context, telling the New York Post that what he liked was that inflation wasn’t higher. Trump said “the numbers are way lower than expected” and predicted prices would fall once the war ends.

He also predicted that the current inflation rate would reach the peak of the Iran war, which began on February 28.

House Speaker Mike Johnson, R-La., also argued that Trump’s comment was taken “totally out of context,” saying that “there are all kinds of great economic indicators out there” while acknowledging that gas prices remain a problem for Americans.

Figures released Wednesday showed the annual inflation rate in May rose to 4.2% from 2.4% a year ago, up 0.5% from April. The figures also show that inflation is outpacing wage growth for the second month in a row. The Bureau of Labor Statistics separately reported Wednesday that real average weekly wages fell 0.2% last month and 0.7% from a year ago, the largest year-over-year decline since February 2023.

Trump said last month that he wasn’t thinking “even a little bit” about U.S. finances amid talks to broker a peace deal with Iran. He declared on May 12 that “the only thing that matters” is that Iran “cannot have nuclear weapons.” He doubled down on his personal finance comment a few days later, calling it a “perfect statement” that he would make again.

Trump campaigned on reducing inflation that had risen under the Biden administration, including pledging to cut energy prices in half within a year of returning to office.

An NBC News poll found that the economy, particularly inflation, is a concern for voters as the November midterm elections approach. In April, just 32% of Americans said they approved of Trump’s handling of inflation, while 68% said they disapproved.

In April, Trump’s approval rating hit its lowest level since his second term, with respondents citing the economy as their top issue.

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