"He stated he 'loves' the inflation and described the numbers as 'great.'"
President Trump Responds to 4.2% Inflation Rate, Cites Military Operations
Washington, D.C. – On Wednesday, President Trump responded to the release of Consumer Price Index data showing an annual inflation rate of 4.2%, up from 3.8% the previous month.
He stated he "loves" the inflation and described the numbers as "great." According to the president, recent U.S. military operations in the Strait of Hormuz—which he said involved destroying Iranian radar and targeting ships—have secured the passage of oil tankers. He claimed that over 100 million barrels of oil and more than 200 commercial ships have safely navigated the strait, and that this has kept oil prices at $85 per barrel.
Economic Context
The president attributed higher inflation to the ongoing conflict and said prices would drop "like a rock" once the war ends. He noted that Brent crude oil was around $94 per barrel at midday Wednesday. The U.S. stock market has reached all-time highs.
Background
The inflation increase coincides with a midterm election year. Polls indicate that President Trump's approval on the economy is low, despite once being a strong point.