Trump: 'I love the inflation' after CPI hits 3-year
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- Trump declared 'I love the inflation' in the Oval Office after being asked about new CPI data showing annual inflation at 4.2%, a three-year high, calling the numbers 'great.'
- Trump claimed the U.S. has been 'taking out millions of barrels of oil' and recently destroyed '22 ships, late at night, with no lights,' saying 'that's why oil is at $85 a barrel.'
- Trump said Iran didn't know about these operations 'until right now,' claiming the information was kept secret during 'this war' and could now be disclosed.
- The article notes it was 'not immediately clear' what Trump meant by 'taking out' oil and ships or how the operations related to consumer prices; CNBC has requested comment from the White House and Department of Energy.
- Core inflation, which excludes food and energy, came in at 2.9% annually — in line with economist forecasts and well below the 4.2% headline figure.
- Republicans fear consumer frustration over rising prices could cost the party its slim majorities in both chambers of Congress in November's elections.
Why it matters: Headline inflation at 4.2% is a three-year high, yet Trump met it with 'I love it' and vague claims about secret oil and ship operations that CNBC could not verify. Core inflation was 2.9% and in line with forecasts, giving the White House room to spin the data — but the episode lands as Republicans fear price anger could cost them their slim congressional majorities in November.
