President Trump on Wednesday dismissed concerns about the latest inflation report, which showed prices rising at their fastest rate in more than three years, telling reporters, "I love it."
"The numbers were great.
You know what I really love?
I love the inflation," he said in the Oval Office. "You know why?
Because as soon as this war is over.
You know, I can say it now, something you didn't know.
Did you know we've been taking out millions of barrels of oil?
Nobody knows it.
You know who doesn't know about it?
Iran, until right now."
The president followed up on social media, saying he had ordered a secret military operation to support oil tankers and commercial ships through the Strait of Hormuz.
The consumer price index (CPI), a broad gauge of the price of goods and services, rose 0.5% in May, putting annual inflation at 4.2%, its highest level since April 2023. "Core" inflation, which strips out the more volatile food and energy sectors, rose 0.2% for the month and was up 2.9% from a year ago.
The closure of the Strait of Hormuz, through which about a fifth of the world's oil usually transits, has caused energy prices to skyrocket, putting upward pressure on prices across the economy.
Brent crude, the international oil benchmark, is trading at about $94 per barrel, lower than recent highs but considerably higher than before the war began in late February, when prices were about $72 per barrel.
Meanwhile, the national average price of gasoline is about $4.15 per gallon, roughly 35 cents lower than a month ago but more than $1 higher than before the war began, according to AAA.
President Trump said he expected energy costs to be even higher than they are today when he started the war and predicted that prices would plummet once a deal is reached with Iran.
"When the war is over?
It's coming down.
It's going to come down like a rock," he said.
[This is a repost to fix audio issues]
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