President Trump Discusses Rising Inflation Amid Energy Crisis

President Donald Trump addressed the Bureau of Labor Statistics (BLS) report on rising inflation with remarks that appeared to downplay the issue. Speaking in the Oval Office, Trump stated, “I love the inflation,” pointing to the economic situation related to the ongoing conflict with Iran.

Inflation and the high cost of living continue to be major political concerns as the 2026 midterm elections approach. The recent surge in gas prices, attributed to the Iran war, remains a significant factor. Combating inflation was a central theme in Trump’s 2024 presidential campaign; however, his approval ratings have declined as prices remain elevated.

The BLS report released on Wednesday noted a price increase of 0.5 percent in May, slightly down from 0.6 percent in April. Nonetheless, annual inflation accelerated to 4.2 percent from April’s 3.8 percent, marking the fastest yearly pace since April 2023.

When questioned about concerns over inflation figures, Trump elaborated on the situation, saying, “No. I love it. The numbers were great. You know what I really love? I love the inflation. You know why? Because as soon as this war is over, you know I can say it now. Something you didn’t know—did you know we’ve been taking out millions of barrels of oil? Nobody knows it. You know who doesn’t know about it? Iran, until right now. We’ve 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. That’s why oil is $85 a barrel.”

He defended the economic impact, indicating it was worth it to prevent Iran from developing nuclear weapons, and predicted that oil prices would fall to pre-war levels once the conflict is resolved. “We’ll be back at those levels very soon,” he claimed.

White House spokesperson Kush Desai supported Trump’s stance, highlighting how the May CPI report demonstrated that costs of essentials, such as prescription drugs, dairy products, and automobiles, were declining. Desai emphasized Trump’s belief that resolving the Iran crisis would lower oil prices and overall inflation, supporting Americans’ financial well-being.

Trump’s Approval Rating on Inflation

The discussion of inflation comes amidst a FocalData poll indicating Trump’s approval rating on the issue has dropped significantly. Among respondents, 69 percent disapproved of his handling of inflation, while only 18 percent expressed approval. The survey included 1,719 participants between May 29 and June 1.

Democrats reacted swiftly to Trump’s comments. Senate Minority Leader Chuck Schumer stated, “Trump really said, ‘I love the inflation.’ On camera. For all of America to hear. His contempt for you knows no bounds.”

Newsweek reached out to the White House for additional comments.