Inflation rose in May as Americans continue to deal with the fallout of President Donald Trump’s decision to attack Iran earlier this year, and now Trump has inadvertently admitted that his efforts at diplomacy in the Middle East are a failure.
The Bureau of Labor Statistics reported on Tuesday that annual inflation rose at 4.2%—the highest it has been since 2023. The rate also increased substantially from the 3.8% mark it hit in April.
The main driver of increased inflation is the rise in energy costs, brought about by Trump’s action against Iran. His war of choice in Iran has slowed the transportation of fuel through the Strait of Hormuz, straining global fuel supplies and raising gas costs.
According to AAA, the average cost for a gallon of gas is $4.15 in the U.S. and in some areas is as high as $5.83. A year ago, the average cost was $3.12.
While campaigning for the presidency in 2024, Trump repeatedly blamed inflation on then-President Joe Biden and Vice President Kamala Harris, and said inflation would be contained on “Day One” of his presidency. That didn’t happen then—and it still hasn’t.
New survey data released by the Federal Reserve Bank of New York on Monday found that Americans are extremely pessimistic about the economy. The number of people who responded to the survey and said their finances were “somewhat worse off” or “much worse off” than a year ago was the highest it has been since January 2023.
As that damning economic news was released, Trump inadvertently admitted that the breakthrough in diplomatic talks that he has touted for months with Iran was a fiction.
APA person stands on shallow water as cargo and commercial vessels are anchored in the Strait of Hormuz near Bandar Abbas, Iran, on June 8.
“Iran’s Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn’t even exist anymore – They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!!” Trump wrote on his social media account. “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
But on Monday, Trump told reporters the U.S. and Iran were “very close to having a very, very good, strong, powerful deal.” He has promised an imminent peace deal at least 38 times since late March, according to a CNN tally, but despite his angry social media posts, no agreement has materialized.
Even as the administration has claimed there is a “ceasefire” between the two nations, hostilities have continued, including the firing of missiles and drone warfare.
Trump’s decision to wage war and his ongoing failure to end it have led to loss of life and economic headaches. All the while, he has minimized the problems faced by millions of Americans and even lied and said “we don’t need oil” during a Cabinet meeting in May.
Instead, Trump’s focus has been on staging a UFC fight at the White House as well as his corruption-plagued construction projects around Washington D.C., including the widely derided operation to repaint the Lincoln Memorial Reflecting Pool.
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