"I Love the Inflation." — Trump, as Prices Hit a Three-Year High

Across the country, American families are grappling with rising grocery bills, gas prices, and feeling the squeeze from every direction.

On June 10, the government confirmed inflation had hit 4.2 percent — the highest rate since April 2023, driven largely by Iran-war related fuel costs that have rippled through the broader economy. 

A reporter asked Trump if he was concerned by the inflation numbers. 

"No, I love it. The numbers were great. You know what I really love? I love the inflation."

What 4.2% Actually Means

• Gasoline: up over 30% year-over-year

• Airline fares: up more than 26%

• Food: up 3%

• Electricity: up 4%

• Shelter: up 3.3%

The categories hitting hardest — gas, groceries, housing — are necessities that can’t be cut out. Economists noted that lower- and middle-income households are disproportionately affected by these increases. 

Inflation is also eating into wages. As of July, average hourly earnings were up just 3.2 percent — below the inflation rate. "For middle-income and lower-income Americans, this is the key issue," said Heather Long, chief economist at Navy Federal Credit Union. "There will likely be some belt-tightening ahead." 

The day before the June 10 report, the national gas average was near $4.16 a gallon — about a dollar more than the same week the prior year.

Trump was asked about it.

"Gas prices are not very high, relatively speaking."

About a month before the report, Trump was asked directly how much Americans' finances motivated his Iran negotiations:

"Not even a little bit. I don't think about Americans' financial situation. I don't think about anybody."