U.S. President Donald Trump defended price increases on Wednesday in the face of data showing inflation had reached its highest level since early 2023. Trump said he found the figures good and that inflation would rapidly decline once the war ends.
The statement came at a time when economic pressure has returned to the top of the agenda following the latest rise in consumer prices. The annual inflation rate for May rose to 4.2 percent from 2.4 percent in the same period last year, marking a 0.5 percentage point increase from April.
The data showed not only that prices had risen but also that wage increases were lagging behind inflation. The Bureau of Labor Statistics reported that real average weekly earnings fell 0.2 percent last month and 0.7 percent compared to the same period last year. This decline was the largest annual drop since February 2023.
Trump had previously said that he did not think much about Americans' financial situation while negotiations with Iran were ongoing. On May 12, he stated that no other issue was decisive for him except that Iran must not have nuclear weapons.
Democrats reacted sharply to Trump's latest remarks. Senate Democratic leader Chuck Schumer and Senator Elizabeth Warren argued that Trump does not care about the rising cost of living.
House Speaker Mike Johnson, however, argued that Trump's words were taken out of context. Johnson said economic indicators were generally strong, while acknowledging that gasoline prices remain a significant problem for Americans.
Trump later said his words were misunderstood, explaining that what he meant was that inflation was not even higher. He predicted that prices would fall once the war ends and that the current rate would be the peak during the Iran war period.
Trump's economic rhetoric was built on a campaign promise to lower inflation. For Trump, who pledged to cut energy prices in half within a year of returning to office, inflation remains one of the most closely watched issues by voters.
Polls confirm this pressure. In measurements published by NBC News, only 32 percent of Americans approved of Trump's handling of inflation in April, while 68 percent said they disapproved. During the same period, the economy stood out as voters' top concern.
