President Donald Trump addressed a Bureau of Labor Statistics (BLS) report that highlighted rising inflation. Speaking in the Oval Office, he remarked, “I love the inflation” when asked about the rising costs.
Inflation and the increasing cost of living remain key political issues leading into the 2026 midterm elections. This situation has been exacerbated by the Iran conflict, which has pushed gas prices higher nationwide. While tackling inflation was a central theme of Trump’s 2024 campaign, his popularity has declined as prices have stayed high.
The BLS report indicated a 0.5 percent increase in prices in May, a slight decrease from the 0.6 percent rise in April. However, annual inflation rose to 4.2 percent, up from 3.8 percent in April, marking the fastest year-over-year increase since April 2023.
When questioned about the inflation figures, Trump showed no concern, noting, “No. I love it. The numbers were great.” He explained his stance by stating that once the Iran conflict concludes, oil prices would decrease. He revealed, “We’ve been taking out millions of barrels of oil,” highlighting a strategic move against Iran, which included removing 22 ships without detection. Trump claimed that these actions kept oil at $85 a barrel.
Trump argued that the actions against Iran were necessary to prevent them from acquiring nuclear weapons. He expressed confidence that oil prices would return to pre-war levels once the conflict ends, adding, “We’ll be back at those levels very soon.”
Kush Desai, a White House spokesperson, stated to Newsweek that Trump was highlighting how the May CPI report showed declines in prices of essentials like prescription drugs, dairy, cars, and insurance, attributing this to the Trump administration’s policies.
Desai emphasized that Trump maintains that oil and gas prices, and therefore inflation, will significantly drop with the resolution of the Iran situation. The administration remains focused on policies to help Americans retain more of their earnings.
Regarding Trump’s approval on inflation, a recent FocalData poll showed a record low approval rating, with 69 percent of respondents disapproving of Trump’s handling of inflation, while only 18 percent approved. This poll surveyed 1,719 respondents from May 29 to June 1.
Democrats criticized Trump’s remarks, with Senate Minority Leader Chuck Schumer commenting on Trump’s statement about loving inflation. Schumer expressed that Trump’s comments showed disregard for the public.
Newsweek contacted the White House for additional comments via email.