President Donald Trump has expressed his enthusiasm for the latest Consumer Price Index (CPI) data, which shows a 4.2% inflation rate in May. Trump stated, 'I love the inflation,' and predicted that oil and gas prices will decline once the conflict with Iran concludes.
Trump made these comments while speaking to the press in the Oval Office, citing the removal of millions of barrels of oil as a reason for the expected decline in oil prices. He also claimed that the US had taken out 22 ships belonging to Iran, which he believes has contributed to the current oil prices.
The CPI data, released by the US Bureau of Labor Statistics, indicates that inflation has increased to 4.2% in May, the highest level since 2023. This rise is attributed to surging energy costs, which have intensified price pressures throughout the economy.
The Core Consumer Price Index (CPI), which omits the more volatile categories of food and energy, increased by 2.9% compared to the same period last year. The annual core inflation rate aligned with forecasts, but the monthly rise fell short of the anticipated 0.3%.
