President Donald Trump set off a political firestorm when he told reporters in the Oval Office on June 10, 2026, “I love the inflation,” moments after the Bureau of Labor Statistics revealed that consumer prices surged 4.2% in May — the fastest annual pace in three years and the first time inflation has cracked the 4% mark since 2023.
The eyebrow-raising remark came as Americans continue to grapple with soaring energy costs tied to the ongoing U.S.-Israel war in Iran, a conflict that began with U.S. strikes on February 28 and shows no sign of ending. The May figure marked a sharp jump from April’s 3.8% rate and represented the third consecutive month of accelerating price growth.
“No, I love it. The numbers were great. You know what I really love? I love the inflation,” Trump said when asked by a reporter whether he was concerned about the new data. The president then pivoted to a rambling claim that U.S. forces had been quietly seizing Iranian oil under cover of darkness.
Gas Prices Drive the Surge
Energy costs have been the primary engine behind the inflation spike. The energy index rose 3.9% in May alone and accounted for more than 60% of the monthly all-items increase. Gas prices jumped 7% in May, following a 5.4% rise in April and a staggering 21.2% surge in March. Over the past 12 months, gasoline is up 40.5%.
The average price of regular gasoline now sits at $4.15 per gallon, according to motoring group AAA — a steep climb from $2.98 on February 28, the day Trump launched strikes on Iran. Overall household energy bills, including electricity, were nearly a quarter higher in May than a year earlier.
The squeeze stems largely from Iran’s effective shuttering of the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world’s oil and gas typically flows. Economists warn it could take until 2027 before normal shipping resumes through the strait. Brent crude is currently trading around $85 a barrel, still significantly above pre-war levels.
Core inflation, which strips out volatile food and energy prices, came in at 2.9% annually — in line with economists’ forecasts but still well above the Federal Reserve’s 2% long-term target.
A Confusing Claim About Iranian Oil
Speaking from the Oval Office before signing a $70 million reconciliation bill boosting border and immigration enforcement, Trump made a series of confusing claims about U.S. military operations against Iranian oil infrastructure.
“We took out the other night, 22 ships, late at night, with no lights, because they don’t have any radar, because we blasted the crap out of it,” Trump said, adding that the U.S. has been “taking out millions of barrels every night.” He insisted prices would “come down like a rock” once the war ends, predicting Americans would soon see gas as cheap as the $1.85 per gallon he claimed to have spotted during a trip to Iowa in early 2026.
The remarks left observers — and apparently members of his own administration — scratching their heads. Energy Secretary Chris Wright, testifying before Congress the same day, said he was not aware of the U.S. taking millions of barrels out of Iran. Wright noted the military had helped some oil tankers transit the Strait of Hormuz and that traffic had risen “very meaningfully” in the past week.
Trump later told the New York Post his comments had been taken out of context, insisting he meant he loved that the inflation numbers were not higher given the wartime backdrop.
Republicans Brace for Midterm Backlash
The president’s comments landed like a political grenade as Republicans face an uphill fight to retain their slim majorities in both chambers of Congress in the November 2026 midterm elections. Voters have consistently ranked the economy as their top concern, and GOP lawmakers privately worry that consumer anger over rising prices could doom their chances.
Democrats wasted no time pouncing. Senate Minority Leader Chuck Schumer, Illinois Gov. JB Pritzker, Sen. Andy Kim and party strategist Jon Cooper hammered Trump’s apparent indifference. “People can’t afford to feed their families. Your struggle is a joke to him,” one Democratic statement read. Another quipped, “The ads write themselves.”
The criticism echoed Trump’s own remarks from May, when he said he doesn’t think about Americans’ financial situation — a comment Democrats have already begun weaving into attack ads.
Current inflation remains well below the 9.1% peak reached under predecessor Joe Biden in mid-2022, a comparison the White House has leaned on repeatedly. But rising prices increase pressure on the Federal Reserve to hike interest rates, which could further squeeze households and businesses heading into the fall campaign season.
The conflict that triggered the price spike began more than three months ago. A ceasefire that briefly took hold in April collapsed, and the U.S. military launched strikes on Iran for the second time in as many days this week. On June 10, Trump said he planned to launch a new wave of strikes, accusing Iran of taking “too long” to agree to a deal.
For now, American consumers — and nervous Republican incumbents — are left waiting to see whether the president’s promise of a rock-like price collapse will arrive before voters head to the polls.
Sources:
https://www.bbc.com/news/articles/c0myzxjkw99o
https://www.cnbc.com/2026/06/10/trump-inflation-cpi-iran-oil.html
https://www.forbes.com/sites/saradorn/2026/06/10/trump-says-i-love-the-inflation-after-it-reaches-3-year-high/
https://www.centraloregondaily.com/news/consumer/trump-inflation/article_9d7669bd-ce8c-5d8d-aa9c-1ad0b86c7d5c.html