U.S. President Donald Trump downplayed concerns over rising inflation, saying he was confident prices would decline once the ongoing conflict with Iran comes to an end.
Speaking to reporters after new government data showed consumer inflation rose above 4 percent in May – the fastest pace in three years – Trump remarked that he “loved” the inflation figures and argued that current price pressures were linked to the war and disruptions in energy markets.
Trump also claimed he had approved a covert operation involving oil shipments through the Strait of Hormuz to help prevent a sharper increase in oil prices.
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He described the operation as successful and said it was undertaken despite concerns that the conflict could further fuel inflation.
According to Trump, oil prices are expected to fall significantly once the conflict is resolved, which he believes will also bring inflation down.
The president has characterized the conflict with Iran as a national security issue, arguing that preventing Tehran from obtaining a nuclear weapon remains his administration’s top priority.
The closure and disruption of shipping routes through the Strait of Hormuz have contributed to higher costs for fuel, fertilizer, and other goods, adding pressure on consumer prices.
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Rising inflation has also complicated expectations for interest rate cuts by the U.S. Federal Reserve, which Trump has repeatedly advocated for since returning to office.
Analysts have warned that sustained inflation and elevated energy prices could weigh on consumer spending and broader economic growth.
The issue has become politically sensitive ahead of the November midterm elections, with Republicans seeking to retain control of both chambers of Congress.
Concerns remain within political circles that persistent cost-of-living pressures could influence voter sentiment.
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Trump won the 2024 presidential election in part on promises to lower inflation, but recent polling has indicated declining approval ratings on economic issues.
Meanwhile, efforts to fully restore tanker traffic through the Strait of Hormuz have reportedly faced delays, with some industry analysts warning that supply disruptions could continue into 2026 even if a diplomatic breakthrough is reached.
Last month, Trump also said that his focus remained on preventing Iran from acquiring a nuclear weapon, suggesting that economic concerns were secondary to national security considerations.
