President Donald Trump embraced an unlikely foe Wednesday: inflation.
Asked by reporters whether he was concerned about new economic data that showed inflation last month surged to the highest rate since early 2023, Trump praised the government figures.
“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 ... when the war is over, it’s coming down, it’s going to come down like a rock,” he said, referring to U.S. efforts to secretly get oil ships through the Strait of Hormuz.
Democrats pounced on Trump’s remarks, with Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., accusing him of not caring about the rising cost of living for Americans.
Trump later argued that his words were taken out of context, telling the New York Post what he loved was how inflation wasn’t higher. Trump said that “the numbers are much lower than anticipated” and predicted prices would plunge once the war is over.
He also predicted that the current inflation rate would be the peak in the Iran war, which began Feb. 28.
House Speaker Mike Johnson, R-La., also argued that Trump’s comment had been taken “totally out of context,” saying that “there’s all sorts of great economic indicators” while acknowledging gas prices are still a pain point for Americans.
Wednesday’s numbers showed the annual inflation rate in May rising from 2.4% a year ago to 4.2%, which was up 0.5% from April. The numbers also showed inflation outpacing wage growth for the second month in a row. The Bureau of Labor Statistics separately announced Wednesday that real average weekly earnings decreased 0.2% last month and 0.7% from a year ago, the largest year-over-year decline since February 2023.
Trump said last month that he is not thinking about Americans’ finances “even a little bit” amid talks to negotiate a peace deal with Iran. He said May 12 that “the only thing that matters” is that Iran “can’t have a nuclear weapon.” He doubled down on his comment about personal finances a few days later, calling it a “perfect statement” that he would make again.
Trump campaigned on bringing down inflation that had surged during the Biden administration, including a pledge to bring down energy prices by half within a year of returning to office.
NBC News polling has found that the economy, specifically inflation, is a concern for voters ahead of the November midterm elections. Just 32% of Americans in April said they approved of Trump’s handling of inflation, while 68% said they disapproved.
Trump’s approval rating in April hit a second-term low, with respondents citing the economy as their top issue.
