What He Said
During a Wednesday afternoon press conference, a reporter asked President Trump if he was concerned about the latest inflation numbers, which showed prices up 4.2% from a year ago—the steepest increase since April 2023.
Trump's response was straightforward: "No, I love it. I love the inflation."
He then claimed that inflation would fall "like a rock" once the Iran war is over, and that he's been "taking out millions of barrels of oil" during the conflict, suggesting that's keeping oil prices artificially low (they were actually at $91 a barrel that day).
The Context
This isn't Trump's first dismissal of Americans' economic pain. Last month, Forbes reported that Trump said he doesn't think about Americans' financial situations "even a little bit" when making decisions about the Iran war. He doubled down on that mindset this week.
The inflation number itself is the worst in three years:
- 4.2% year-over-year increase in May from May 2025
- 0.5% monthly increase from April to May
- Gas prices are high due to the ongoing Iran conflict and Middle East tensions
- Americans are hurting: Only 22% of Americans said they were satisfied with Trump's handling of the cost of living, according to a Reuters/Ipsos poll released this week
Reuters found that 22% approval is down from the 29% who approved of Joe Biden's handling of the cost of living when he left office—a historically low bar.
The Illogic
Trump appears to love inflation because he believes it proves his economic theories are working—or because he's using it as leverage in the Iran conflict. He's been saying for weeks that the U.S. and Iran are "really close to a deal," yet the fighting has continued, casualties mount, and oil prices stay high.
The statement "I love the inflation" suggests one of two things:
- He doesn't understand inflation: Inflation is the enemy of regular people. Prices go up, paychecks don't keep pace, and people can't afford groceries or rent. There's nothing to love about it.
- He's joking: His defenders say he was being tongue-in-cheek. But when 78% of Americans are worried about inflation, saying "I love it" on camera—even as a joke—is political malpractice.
House Speaker Mike Johnson tried to defend Trump by suggesting his comments were misunderstood, claiming Trump was saying something else entirely. But the video shows exactly what Trump said, and there's no charitable interpretation that doesn't involve dismissing ordinary Americans' struggles.
The Backdrop
This comes as the Iran war has become the dominant issue in Trump's second term. Helicopter pilots are being shot down, U.S. retaliatory strikes are ongoing, and both sides claim a deal is imminent—yet neither has made a meaningful move toward peace in weeks.
The economic cost is real: oil prices stay elevated, inflation stays sticky, and Americans are paying the price at the pump and the grocery store. Trump's comment suggests he either doesn't care or actively likes the dynamic because it validates his foreign policy aggression.
Sources
Forbes: Trump Says 'I Love The Inflation' After It Reaches 3-Year High
Reuters/Ipsos Poll: Trump Approval Stays Near Record Low
The Guardian: Live Coverage - Mike Johnson Attempts to Defend Trump
Bureau of Labor Statistics: Consumer Price Index News Release