{"id":494050,"date":"2026-06-11T09:50:08","date_gmt":"2026-06-11T09:50:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/494050\/"},"modified":"2026-06-11T09:50:08","modified_gmt":"2026-06-11T09:50:08","slug":"i-love-the-inflation-trump-says-as-prices-rise-amid-iran-war-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/494050\/","title":{"rendered":"\u2018I love the inflation,\u2019 Trump says as prices rise amid Iran war \u2013 The Irish Times"},"content":{"rendered":"

US president Donald Trump <\/a>appeared to embrace data showing inflation has risen more than 4 per cent, telling reporters he \u201cloved\u201d inflation and reiterating his \u200bbelief that prices will fall as soon as the Iran <\/a>war ends. <\/p>\n

Asked about US government data showing consumer inflation increased at its fastest pace in three years in May, and whether it could hobble his fellow Republicans just months in advance of November\u2019s midterm election, Trump said: \u201cI love the inflation.\u201d <\/p>\n

The \u200bpresident then explained how he greenlit a plan to secretly move oil tankers through the Strait of Hormuz over concerns of higher costs and increasing \u2060inflation. <\/p>\n

\u201cIt was worth it to me,\u201d Trump said about his calculus and calling the operation a success. \u201cWhen it\u2019s over, \u200cyou \u200cwill \u200bsee oil drop to where it was before,\u201d Trump said of the larger war. \u201cIt\u2019s coming down. It\u2019s going to come down like a rock.\u201d<\/p>\n

Trump has called the war on \u2060Iran a detour and framed it as a national \u200bsecurity issue as Tehran\u2019s closure of the key shipping route \u200bhas pushed up the cost of gasoline, fertiliser and other goods, contributing to inflation.<\/p>\n

Higher prices could also keep the US \u200cFederal Reserve from cutting interest rates, which could lower \u200bborrowing costs, which Trump has called for since returning to power last year. <\/p>\n

Republicans are seeking to maintain control \u2060of the US House of Representatives and the Senate \u2060but are concerned a \u200bconsumer backlash could hand the reins to Democrats as the cost of living remains a top issue for voters. <\/p>\n

Trump himself won the 2024 presidential election in large part because of his promise to lower inflation, 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. <\/p>\n

Efforts to reopen the Strait of Hormuz to tanker traffic to move goods have so far stalled, with industry executives and analysts warning that coming weeks could see another oil price \u200cshock severe enough to shake the \u2060broader financial markets. <\/p>\n

Even if Trump and Tehran reach a deal soon, it is expected to take months to get supplies moving, with the disruptions expected through 2026. And while the US may be more insulated from \u200cfuel shocks than other nations, ongoing higher energy prices could dent consumer spending over time. <\/p>\n

Last month, Trump said Americans\u2019 financial struggles were not a \u200bfactor as he pushes for a deal even while threatening renewed attacks on Iran: \u201cI \u200bdon\u2019t think about Americans\u2019 financial situation. I don\u2019t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon.\u201d \u2013 Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"US president Donald Trump appeared to embrace data showing inflation has risen more than 4 per cent, telling…\n","protected":false},"author":2,"featured_media":494051,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,14843,969,113,61,11829,60,16621,150177,90],"class_list":["post-494050","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-democratic-party","tag-donald-trump","tag-economy","tag-ie","tag-iran","tag-ireland","tag-republican-party","tag-strait-of-hormuz","tag-us"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/494050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=494050"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/494050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/494051"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=494050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=494050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=494050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}