President Donald Trump on Wednesday expressed enthusiasm about rising inflation, stating he 'loves' the 4.2% annual increase in the Consumer Price Index (CPI), the highest level in three years. The Bureau of Labor Statistics reported a 0.5% monthly rise in May, slightly lower than April's 0.6% gain. Trump linked the inflation spike to the ongoing war with Iran, which has driven up energy and food prices, adding financial strain to American households.
During an Oval Office signing ceremony, Trump claimed the U.S. has been secretly seizing millions of barrels of Iranian oil, including 22 ships' worth 'late at night, with no lights.' He asserted that once the conflict ends, inflation will 'come down like a rock.' The president also mentioned U.S. oil extraction efforts in Venezuela, calling them a 'great success.'
Energy Secretary Chris Wright, testifying before Congress, said he was unaware of the U.S. taking millions of barrels of Iranian oil. The White House and Department of Energy have not yet responded to requests for clarification on Trump's claims. Meanwhile, Brent crude oil prices hovered around $94 per barrel, down from recent highs but still elevated due to geopolitical tensions.
Trump also touted the U.S. stock market hitting 'all-time historical highs' despite inflation concerns. He predicted Iran might seek a deal with the U.S. but emphasized ongoing economic pressure on the country.