U.S. President Donald Trump brushed aside concerns over rising consumer prices on Wednesday, saying he "loved" the latest inflation figures and expressing confidence that inflation would ease once the conflict involving Iran comes to an end.
Asked about U.S. government data showing consumer inflation increased at its fastest pace in three years in May, and whether it could hobble his fellow Republicans just months ahead of November's midterm election, Trump said: "I love the inflation."
The president then explained how he greenlit a plan to secretly move oil tankers through the Strait of Hormuz over concerns of higher costs and increasing inflation. "It was worth it to me," Trump said about his calculus and calling the operation a success. "When it's over, you will see oil drop to where it was before," Trump said of the larger war. "It's coming down. It's going to come down like a rock."
Trump has called the war on Iran a detour and framed it as a national security issue as Tehran's closure of the key shipping route has pushed up the cost of gasoline, fertilizer and other goods, contributing to inflation.
Higher prices could also keep the U.S. Federal Reserve from cutting interest rates, which could lower borrowing costs, which Trump has called for since returning to power last year. Republicans are seeking to maintain control of the U.S. House of Representatives and the Senate but are concerned a consumer backlash could hand the reins to Democrats as the cost of living remains a top issue for voters.
