Saturday, June 13Saturday, June 13Donald Trump has stunned Washington by declaring his fondness for soaring inflation, just as U.S. consumer prices surged to their highest level in three years. Speaking after the Labor Department reported a 4.2 % annual rise in May—up from 3.8 % in April—the former president told reporters at Mar-a-Lago that he “loves the way prices are moving.” The remarks, widely circulated on social media, come less than five months before the mid-term elections and risk deepening concerns about the Federal Reserve’s ability to control price growth.
The Bureau of Labor Statistics data, released on Wednesday, showed broad-based increases: food costs climbed 3.5 %, energy prices jumped 5.4 %, and shelter expenses rose 5.5 %. Core inflation, which excludes volatile food and energy items, accelerated to 3.6 %, the fastest pace since early 2023. Analysts at Goldman Sachs immediately raised their forecast for the Fed’s benchmark rate to 5.25 % by December, citing “persistent demand-side pressures.”
Trump’s unexpected endorsement of higher prices has drawn sharp criticism from economists and Democrats alike. Former Treasury Secretary Janet Yellen called the comments “irresponsible,” warning that sustained inflation erodes household purchasing power and widens inequality. Meanwhile, progressive advocacy groups accused the president of prioritizing political messaging over economic stability, noting that low-income families spend a disproportionate share of income on essentials like groceries and rent.
The White House, now under Trump’s second administration, defended the remarks as part of a broader strategy to boost domestic manufacturing and reduce reliance on imports. A senior economic adviser, speaking on condition of anonymity, argued that controlled inflation could “rebalance global supply chains” and bring jobs back to the Rust Belt.
Financial markets reacted cautiously. The S&P 500 slipped 0.4 % on Thursday, while the 10-year Treasury yield edged up to 4.3 %, reflecting investor unease over the Fed’s next move. Traders now assign a 60 % probability of a 25-basis-point hike at the July 31 policy meeting, according to CME Group futures data.
As the political temperature rises, polls show 62 % of Americans disapprove of the administration’s handling of inflation, up from 54 % in April. With mid-term campaigns intensifying, Republicans are increasingly framing the price surge as a sign of economic strength, while Democrats warn of a “cost-of-living crisis” that could sway suburban swing voters.
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