Trump says 'I love the inflation' after consumer price index hits 3-year high
CNBC • • business
Key Points:
- President Donald Trump expressed an unusual stance on inflation, stating "I love the inflation" despite new data showing the annual inflation rate at 4.2%, a three-year high.
- Trump linked inflation to recent military actions, claiming that the U.S. had "taken out" millions of barrels of oil and 22 ships, which he said contributed to oil prices reaching $85 a barrel, though details and context were unclear.
- Core inflation, which excludes volatile food and energy prices, remained at 2.9% annually, aligning with economists' forecasts despite the headline CPI increase.
- Trump's comments come amid Republican concerns that rising consumer prices could negatively impact GOP lawmakers' prospects in the upcoming November elections.
- CNBC has sought clarification from the White House and the Department of Energy regarding Trump's statements on oil and military actions.