Trump’s Response to Inflation Concerns Amid Rising Costs

President Donald Trump addressed a Bureau of Labor Statistics (BLS) report highlighting increasing inflation. In the Oval Office, he told reporters, “I love the inflation.” Inflation and the high cost of living remain significant political topics before the 2026 midterm elections, especially after the Iran war escalated gas prices nationwide. Addressing inflation was a key issue in Trump’s 2024 presidential campaign, yet his approval has weakened as prices persist at high levels.

The BLS report from Wednesday showed a 0.5% rise in prices in May, which is slower than April’s 0.6%. Meanwhile, annual inflation rose to 4.2% from April’s 3.8%, the fastest pace since April 2023. When asked about concerns over inflation, Trump replied, “No. I love it. The numbers were great.” He elaborated by stating that, following the current war, “as soon as this war is over,” the scenario would change. Trump shared details previously unknown, stating, “We’ve been taking out millions of barrels of oil… Iran doesn’t know about it, until right now.”

Trump added that 22 ships were targeted under cover of darkness, impacting oil prices: “Oil is $85 a barrel.” He expressed that any economic consequences are justified to prevent Iran from acquiring a nuclear weapon. He assured that oil prices will fall to previous levels once the conflict ends, saying, “We’ll be back at those levels very soon.”

White House spokesperson Kush Desai told Newsweek that Trump was “rightfully touting” the May CPI report, noting declines in the prices of essentials like prescription drugs, dairy products, and insurance. Desai stated, “President Trump has consistently maintained that oil and gas prices – and thus overall inflation – will plummet once the Iran situation is resolved.” He emphasized the administration’s commitment to an “affordability agenda” for Americans.

Trump’s Approval Rating on Inflation

A FocalData poll indicated Trump’s approval rating on inflation is at a record low, with 69% of Americans disapproving and only 18% approving of his handling of the issue. The poll surveyed 1,719 respondents between May 29 and June 1.

Democrats were quick to criticize Trump’s comments. Senate Minority Leader Chuck Schumer remarked, “Trump really said, ‘I love the inflation.’ On camera. For all of America to hear.” Newsweek reached the White House for additional comment via email.