President Donald Trump recently expressed his support for the current inflation rate, stating that he ‘loves’ it. This statement comes as consumer inflation has increased at its fastest pace in three years, with a rise of over 4% in May.

Inflation and the Iran War

Trump attributed the inflation to the ongoing war with Iran, which has led to higher costs and increasing inflation. He explained that he had greenlit a plan to secretly move oil tankers through the Strait of Hormuz, despite concerns about higher costs and inflation. Trump believes that this operation was ‘worth it’ and considers it a success.

The president also stated that when the war is over, oil prices will drop to their previous levels. ‘It’s coming down. It’s going to come down like a rock,’ he said. The war has pushed up the cost of gasoline, fertilizer, and other goods, contributing to inflation.

Impact on the Economy

The higher prices could also prevent the U.S. Federal Reserve from cutting interest rates, which could lower borrowing costs. Republicans are seeking to maintain control of the U.S. House of Representatives and the Senate but are concerned that a consumer backlash could hand the reins to Democrats, as the cost of living remains a top issue for voters.

Trump had promised to lower inflation during his 2024 presidential election campaign but has since seen his approval rating, including on his handling of the cost of living, fall to the lowest level of his political career.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.