‘I love the inflation’: Trump is ‘not concerned’ about inflation hitting 4% for the first time since 2023. ‘The numbers were great’

President Donald Trump praised the inflation report in comments to reporters Wednesday, saying, “the numbers were great” and “I love it.” When asked by a reporter in the Oval Office if he was concerned about the inflation report that came out today, the president replied in the negative. “I’m not concerned about the latest inflation numbers that came out this morning. I love it. I love the inflation,” he said. He said the inflation data was good because it showed energy prices were a huge driver of rising costs — the government said they accounted for more than 60% of the monthly increase — and he suggested inflation would ease “as soon as this war is over.” However, the U.S. launched more airstrikes against Iran on Wednesday, and Trump said more were coming, as Tehran fired back at countries in the region. Inflation hits home Rising gas prices pushed inflation to its highest level in three years last month, a headache for the Federal Reserve and a potential political challenge for the Trump administration as midterm elections near. Consumer prices rose 4.2% in May from a year earlier, the Labor Department said Wednesday, up from 3.8% in April and the third straight monthly increase. On a monthly basis, prices rose 0.5% last month, after big gains of 0.6% in April and 0.9% in March. Prices have now risen faster than wages for several months, pressuring many Americans’ finances and causing consumers to take a decidedly dim view of the economy. Families are dipping into savings to maintain their spending, and more people are falling behind on their credit card bills. Large retailers say they have also noticed changes in customer behavior, like buying smaller amounts of gas during visits to the pump. Inflation is now well above the Federal Reserve’s 2% target, which it has surpassed for more than five years. New Fed chair Kevin Warsh will preside over his first policy meeting next week, when the central bank is expected to keep its key int