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WASHINGTON — President Donald Trump brushed off concerns about the nation's sharp increase in consumer prices, telling reporters that he loves the inflation as gas prices remain high as a result of the U.S. war in Iran.Trump made the remarks ‒ immediately seized on by Democrats ‒ when asked June 10 whether he's worried about the Labor Department's latest Consumer Price Index, which found prices were up 4.2% in May over the previous year. It was the first time inflation climbed above 4% since 2023, making it the largest increase in three years."No, I love it. The numbers were great. You know what I really love? I love the inflation. You know why?" Trump said. "Because as soon as this war is over ‒ you know, I can say it now, something you didn't know."The president then disclosed the United States has quietly been "taking out millions of barrels of oil" through the Strait of Hormuz, saying the efforts have helped prevent oil prices from soaring higher amid the war, which started with U.S. strikes in late February."Do you know we've been taking out millions of barrels of oil? Nobody knows it. You know who doesn't know? Iran until right now," Trump said, speaking from the Oval Office before signing a $70 million reconciliation bill that boosts border and immigration enforcement.Trump, in a post on Truth Social, later said the U.S. military has helped ensure more than 100 million barrels of oil have been shipped through the strait through a "secret mission" he ordered in May. The Strait of Hormuz has been under competing blockades from the U.S. and Iran. The president did not say from which countries the oil originated.Since the start of the Iran war on Feb. 28, regular gas prices have climbed 40% for U.S. consumers as blockades in the Strait of Hormuz limit the global oil supply.In May, gas prices shot up 7%, according to the latest CPI report, following a 5.4% rise in April and a 21.2% surge in March. They are up 40.5% over the year. The department's index for energy rose 3.9% in May and accounted for more than 60% of the monthly all items increase.Trump's diplomatic efforts with Iran have failed to produce a peace deal despite the president repeatedly insisting an agreement is near. Trump on June 10 said the U.S plans to launch a new wave of strikes on Iran as he accused the Middle East nation of taking "too long" to agree to a deal.As the war in Iran drags on and peace talks remain stalled, Trump and Republicans risk making high gas prices caused by the conflict a focal point of the midterm election in November. Republicans face an uphill fight to retain their slim majority in the House, and Democrats increasingly believe they have a path to take control of the Senate."When the war's over, it's coming down," Trump said when asked whether he expects inflation to come down before November. "It's going to come down like a rock."This story has been updated to add new information.Contributing: Rachel Barber, USA TODAYReach Joey Garrison on X @joeygarrison.
