On June 10, 2026, President Donald Trump stated, "I love the inflation" in response to a question regarding the Consumer Price Index (CPI) data that indicated an annual inflation rate of 4.2%, the highest in three years. Trump expressed optimism that inflation would decrease significantly after the conclusion of the U.S. involvement in the conflict with Iran. He linked this prediction to a statement about U.S. oil extraction, claiming, "We've been taking out millions of barrels of oil."
Trump elaborated that U.S. forces had removed 22 ships under the cover of night, suggesting this action affected oil prices, which he noted were at $85 per barrel. However, the connection between these statements and consumer prices was not clear.
The CPI report indicated that while inflation was at a three-year high, core inflation, which excludes food and energy costs, was at 2.9% annually, aligning with economists' forecasts. Trump's remarks come amid concerns from Republican lawmakers that rising consumer prices may impact their electoral prospects in the upcoming November elections. Illinois Governor JB Pritzker criticized Trump's comments on social media, highlighting the struggles of families facing rising costs.