Trump says – President Donald Trump dismissed concerns about a May CPI jump, saying “I love the inflation,” while tying high gas prices to the war with Iran and revealing the U.S. has quietly removed millions of barrels of oil from Iran. His comments come as Democrats and
On June 10, the Oval Office moment came with a double beat: first the economic numbers from the Labor Department, then the president’s insistence that rising prices are “great.”
President Donald Trump was asked whether he was worried about the latest Consumer Price Index. the Labor Department’s May report showing prices up 4.2% over the previous year. Trump’s response was immediate and blunt, telling reporters, “No, I love it. The numbers were great. I love the inflation. You know why?”.
The CPI release matters because the May figure was the first time inflation climbed above 4% since 2023. and it marked the largest increase in three years. Trump did not lean into reassurance or policy detail. Instead, he framed the inflation through the lens of energy prices still elevated as the U.S. war with Iran continues.
He went further, disclosing the United States has quietly been “taking out millions of barrels of oil” from Iran. Trump said the efforts have helped prevent oil prices from soaring higher amid the war, which began with U.S. strikes in late February. Speaking before signing a $70 million reconciliation bill that boosts border and immigration enforcement, Trump said, “I can say it now. Do you know we’ve been taking out millions of barrels of oil?. Nobody knows it. You know who doesn’t know?. Iran until right now.”.
Trump did not say how much oil the U.S. has taken from Iran or when the efforts began.
The CPI numbers and the war’s oil pressure are now directly colliding in voters’ daily budgets. The war with Iran, which started on Feb. 28, has pushed regular gas prices up 40% for U.S. consumers, with blockades in the Strait of Hormuz limiting global oil supply.
The CPI report showed gas price momentum that has been worsening month by month: in May. gas prices shot up 7%. after a 5.4% rise in April and a 21.2% surge in March. Over the year, they are up 40.5%. Energy was a major driver inside the CPI: the department’s index for energy rose 3.9% in May and accounted for more than 60% of the monthly all-items increase.
Trump also placed his inflation argument inside a wider conflict timeline—one that has already included violence and setbacks. The remarks came amid fallout from the president blaming Iran for shooting down a U.S. Apache helicopter near the Strait of Hormuz, and as he signaled the fight would continue.
On June 10, Trump said the U.S. plans to launch a new wave of strikes on Iran. He accused Iran of taking “too long” to agree to a deal. even as his diplomatic efforts have failed to produce a peace agreement. Trump has repeatedly insisted an agreement was near. but as the war drags on and peace talks remain stalled. his stance is now being tested against the political clock.
With November midterms approaching, the stakes are clear even without speeches about gas prices. Trump and Republicans risk turning high gas prices tied to the conflict into a defining issue for voters. Republicans face an uphill fight to retain their slim majority in the House. and Democrats increasingly believe they have a path to take control of the Senate.
Asked whether he expects inflation to come down before November, Trump offered a confident forecast tied to the end of the war. “When the war’s over, it’s coming down,” he said. “It’s going to come down like a rock.”
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