House Speaker Mike Johnson on Wednesday defended President Trump’s “I love the inflation” comment as taken out of context, after the president said he welcomed the latest consumer price index data showing inflation at 4.2 percent, a three-year high.
“It was totally out of context. You know what he was talking about,” Johnson told CNN’s Manu Raju at the Capitol, standing near Trump during an Oval Office signing ceremony. Trump had been asked by reporters if he was concerned about the 0.5 percent spike in the consumer price index in May alone, according to data released Wednesday by the Labor Department.
Johnson offered an interpretation of Trump’s remarks, saying the president meant to compare the current inflation level to future numbers once the U.S. war against Iran is resolved. “What he was saying is it’s going to be great to have that number and compare it to what comes next,” Johnson said. “When we get these situations resolved, that’ll be a fun thing to consider and compare. That’s what he was talking about. That was the context.”
Trump himself provided a similar explanation to the New York Post, saying his inflation comment was appreciative of the figure not being higher given the ongoing conflict. “I love the inflation numbers because of what I’m talking about,” Trump told the outlet. “The numbers are going to be phenomenal because what’s showing is that despite the fact that we’re in a war, the numbers are much lower than anticipated, and when we’re out of that war, the numbers will be at lower numbers than they were even before it started.”
The president’s remarks came as the Labor Department reported that annual inflation rose to 4.2 percent for the 12 months ending in May, up from 3.8 percent in April, according to the Bureau of Labor Statistics. Soaring energy costs tied to the Iran conflict have been a primary driver of the inflation acceleration, with gasoline prices contributing significantly to the spike.
Johnson’s defense reflects growing Republican concern that rising consumer prices could damage the party’s electoral prospects in November. Rep. Richard Hudson, the House GOP’s campaign chair, expressed confidence in the party’s ability to retain control of the chamber despite these economic anxieties, saying at an “Axios AM Live” event in Washington that he was “very confident we’re going to hold the House.”
The inflation data released Wednesday also showed core inflation, which excludes volatile food and energy costs, at 2.9 percent annually—in line with economist forecasts. Yet the headline figure of 4.2 percent marks the highest annual inflation rate since April 2023, underscoring the impact of energy price pressures on household budgets during the ongoing military operations in Iran.
Sources
- The Hill — Johnson’s defense of Trump’s inflation comment and context of the remarks
- CNBC — Trump’s statement and inflation data details, including his claims about oil
- Bureau of Labor Statistics — Official CPI data showing 4.2 percent annual inflation for May
- Wall Street Journal — Inflation acceleration from April to May and energy cost drivers
- The Washington Post — Inflation hitting 4.2 percent tied to Iran war
