US President Donald Trump on Wednesday appeared to welcome fresh data showing inflation had jumped to an annual rate of 4.2% in May, telling reporters: "I love the inflation".
Prices have risen sharply in recent months amid the US's war in Iran, with Tehran's closure of the Strait of Hormuz having a major impact on global markets. Inflation rose from 2.4% in February - before the outbreak of the conflict - to 3.3% in March and 3.8% in April.
Responding to a question about the latest figures at the White House on Wednesday, Trump seemed unconcerned, claiming Washington was continuing to secretly move oil through the Strait of Hormuz, one of the world's most critical oil and gas transit chokepoints.
"No, no I love it. The numbers were great," he said, adding that the US had been "taking out millions of barrels of oil" without Tehran's knowledge.
"We took out the other night 22 ships late at night with no lights, because they don't have any radar," he continued. "That's why oil is $85 a barrel".
