What happeed
Consumer prices rose 4.2% last month from a year earlier, the highest inflation reading since April 2023, the Commerce Department said Wednesday. Most of the increase was due to rising fuel prices. But the “higher energy costs are rippling through the food supply chain,” affecting beef, coffee and produce, The Washington Post said. Asked about the rising cost of living, President Donald Trump “took a surprisingly optimistic tack,” The Associated Press said. “I love the inflation,” he told reporters.
Who said what
Trump’s take was “unexpected” given that voters rank the economy “as a top concern — and have given Trump low marks on that issue” after he’d pledged in 2024 to “quickly vanquish inflation,” the AP said. “His argument now is that higher prices are solely a function of the Iran war” and that “relief is already on its way” because of a “secret mission” that he said had already moved 100 million barrels of oil through the Strait of Hormuz. “As soon as this war is over,” he told reporters, prices will drop “like a rock.”
What next?
Despite Trump’s claims, efforts to reopen the strait “have so far stalled” and oil disruptions are already baked in through 2026, Reuters said.
The 4.2% inflation rate is the highest since April 2023
