President Donald Trump set off a political firestorm on June 10 when he told reporters in the Oval Office, “No, I love it. The numbers were great. You know what I really love? I love the inflation,” moments after the Bureau of Labor Statistics revealed consumer prices surged 4.2% in May — the highest annual rate since April 2023 and the first time inflation has broken the 4% threshold since 2023.
The eyebrow-raising remark came as Americans continue to grapple with soaring energy costs tied to the ongoing U.S.-Israel war in Iran, a conflict that began with U.S. strikes on February 28 that now appears close to resolution. On June 13, President Trump announced on Truth Social that a peace deal was “scheduled to get signed tomorrow,” with the Strait of Hormuz set to reopen immediately upon signing. Pakistani Prime Minister Shehbaz Sharif said on June 13 that a deal could be reached within 24 hours, though Iranian officials expressed caution about the timeline.
The president was asked by a reporter whether the new data concerned him before delivering the remark. He then pivoted to a rambling claim that U.S. forces had been quietly seizing Iranian oil under cover of darkness.
Energy Costs Fuel Price Surge
The May figure marked a sharp jump from April’s 3.8% rate and represented the third consecutive month of accelerating price growth. Energy costs have been the primary engine behind the inflation spike. The energy index rose 3.9% in May alone and accounted for more than 60% of the monthly all-items increase. Gas prices jumped 7% in May, following a 5.4% rise in April and a staggering 21.2% surge in March. Over the past 12 months, gasoline is up 40.5%.
The average price of regular gasoline now sits at $4.15 per gallon, according to motoring group AAA — a steep climb from $2.98 on February 26, two days before Trump launched strikes on Iran. Overall energy costs — driven primarily by gasoline — rose 23.5% over the past 12 months, while electricity bills climbed 5.9% year over year, according to the Bureau of Labor Statistics.
The squeeze stems largely from Iran’s effective shuttering of the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world’s oil and gas typically flows. Economists warn it could take until 2027 before normal shipping resumes through the strait. Brent crude is currently trading around $85 a barrel, still significantly above pre-war levels.
Core inflation, which strips out volatile food and energy prices, came in at 2.9% annually — in line with economists’ forecasts but still well above the Federal Reserve’s 2% long-term target.
Confusing Military Claims
Speaking from the Oval Office before signing a $70 billion reconciliation bill boosting border and immigration enforcement, Trump made a series of confusing claims about U.S. military operations against Iranian oil infrastructure.
“We took out the other night, 22 ships, late at night, with no lights, because they don’t have any radar, because we blasted the crap out of it,” Trump said, adding that the U.S. has been “taking out millions of barrels every night.” He insisted prices would “come down like a rock” once the war ends, predicting Americans would soon see gas as cheap as the $1.85 per gallon he claimed to have spotted during a trip to Iowa in early 2026.
The remarks left observers — and apparently members of his own administration — scratching their heads. Energy Secretary Chris Wright, testifying before Congress the same day, said he was not aware of the U.S. taking millions of barrels out of Iran. Wright noted the military had helped some oil tankers transit the Strait of Hormuz and that traffic had risen “very meaningfully” in the past week.
Trump later told the New York Post his comments had been taken out of context, insisting he meant he loved that the inflation numbers were not higher given the wartime backdrop.
Republicans Brace for Midterm Backlash
The president’s comments landed like a political grenade as Republicans face an uphill fight to retain their slim majorities in both chambers of Congress in the November 2026 midterm elections. Voters have consistently ranked the economy as their top concern, and GOP lawmakers privately worry that consumer anger over rising prices could doom their chances. An Economist/YouGov poll released around the time of the remarks showed 63% of Americans disapprove of Trump’s handling of the economy, while NBC News polling found just 32% approved of his handling of inflation specifically — with his approval rating hitting a second-term low.
Democrats wasted no time pouncing. Senate Minority Leader Chuck Schumer, Illinois Gov. JB Pritzker, Sen. Andy Kim and party strategist Jon Cooper hammered Trump’s apparent indifference. “People can’t afford to feed their families. Your struggle is a joke to him,” one Democratic statement read. Another quipped, “The ads write themselves.”
The criticism echoed Trump’s own remarks from May, when he said he doesn’t think about Americans’ financial situation — a comment Democrats have already begun weaving into attack ads.
Current inflation remains well below the 9.1% peak reached under former President Joe Biden in mid-2022, a comparison the White House has leaned on repeatedly. But rising prices increase pressure on the Federal Reserve to hike interest rates, which could further squeeze households and businesses heading into the fall campaign season.
A ceasefire that briefly took hold in April collapsed, prompting further U.S. strikes and setting the stage for the current diplomatic push.
American consumers — and nervous Republican incumbents — may not have to wait much longer. With a potentially imminent peace deal and the Strait of Hormuz poised to reopen, oil markets have already begun pricing in relief: Brent crude fell more than 3% on June 12 alone on deal optimism. Whether prices drop fast enough to ease the political pain before November remains the open question.
