Trump’s surprising new approach to the rising cost of living – NBC4 Washington

President Donald Trump showed Wednesday how he has learned to stop worrying about inflation and just, in his words, “love it.”

Asked about the new report that the consumer price index in May had jumped 4.2% over the past year, the president took a surprisingly optimistic approach to the difficult news. Trump did not dismiss the affordability issue as a “hoax” started by Democrats, as he had previously. Nor did he claim that he was reducing the cost of living.

Instead, after the government said inflation had reached its highest level since April 2023, Trump praised the numbers.

“Do you know what I really like?” » Trump said. “I love inflation.”

It was an unexpected move given that voters ahead of November’s midterm elections ranked the economy as a top concern — and gave Trump low marks on that issue. Minutes after his on-camera comment, Democrats quickly rushed to promote it on social media.

Trump pledged during his 2024 campaign to quickly defeat inflation, but his argument now is that rising prices are solely due to rising energy costs from the war in Iran. On Wednesday, he claimed that relief was already on the way because of a covert military operation that had funneled what he said was 100 million barrels of oil through the Strait of Hormuz, the main transportation channel for 20% of the world’s oil supply, which has been effectively closed by war since late February.

“Trump really said, ‘I love inflation.’ On camera. For all of America to hear,” Senate Democratic Leader Chuck Schumer quickly posted on X. “His contempt for you knows no bounds. »

House Democratic Leader Hakeem Jeffries said on X that with Trump’s professed love of inflation, “we finally found something that Donald Trump loves as much as he loves himself.”

Rep. Emilia Sykes, D-Ohio, quickly pressed Energy Secretary Chris Wright at a hearing on whether he, too, likes inflation.

“Do you like inflation?” asked Sykes.

“I love ending Iran’s ability to have nuclear weapons,” Wright responded. He conceded only after being pressed: “No, I would prefer lower inflation.” »

Asked about Trump’s specific comments, Wright said, “He’s an entertaining, hyperbolic guy who has shown tremendous leadership.”

Trump claimed these secret shipments were the reason oil prices fell below $90 a barrel, after rising above $110 in early April.

“I just announced it today for the first time, but we’ve taken out millions of barrels of oil, millions of barrels every night,” Trump said.

On social media, the president said the mission began last month and had “enabled more than 100 MILLION barrels of oil to cross the strait and be placed on the open market. More than 200 commercial ships have passed through the strait safely.” No immediate data was available to support that total, and the role played by the U.S. military was not immediately clear.

To put this figure into context, a daily average of 20 million barrels of oil passed through the strait before the war, which would mean that Trump’s mission resulted in the equivalent of five days of normal oil deliveries.

In response to the new inflation report, the White House noted that some expenses declined in May compared to the previous month: the price of new vehicles, prescription drugs and auto insurance, for example. But when you combine the headline inflation figure with changes in hourly wages, you see a grim indication that people’s purchasing power relative to their income has declined.

“President Trump has consistently maintained that oil and gas prices – and therefore overall inflation – will fall once the Iran situation is resolved, and the administration will continue to promote our affordability agenda to allow Americans to keep more of their hard-earned money,” White House spokesman Kush Desai said in an email.

But financial markets were cautious about Trump’s claims that he was lowering prices by moving oil tankers through the strait – claims that come as the United States also launched airstrikes against Iran and Tehran retaliated on regional countries.

U.S. crude oil futures rose about 4% Wednesday afternoon, trading near $92 a barrel.

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