U.S. President Donald Trump defended the price increases in response to data released Wednesday showing inflation reaching its highest level since early 2023. Trump said he viewed the numbers positively and predicted inflation would rapidly decline once the war ends.
The statements came at a time when economic pressure has returned to the forefront following recent increases in consumer prices. The annual inflation rate for May rose to 4.2% from 2.4% in the same period last year, marking a 0.5 percentage point increase compared to April.
The data showed not only rising prices but also that wage increases lagged behind inflation. The Bureau of Labor Statistics reported that real average weekly earnings fell by 0.2% last month and by 0.7% compared to the same period last year. This decline represents the largest annual drop since February 2023.
In previous remarks, Trump had said Americans were not overly concerned about their financial situation while negotiations with Iran were ongoing. On May 12, he stated that aside from preventing Iran from acquiring nuclear weapons, no other issue was decisive for him.
Strong Reaction from Democrats
Democrats strongly criticized Trump’s recent comments. Senate Democratic Leader Chuck Schumer and Senator Elizabeth Warren accused Trump of ignoring the rising cost of living.
House Speaker Mike Johnson argued that Trump’s words were taken out of context. While Johnson said economic indicators were generally strong, he also acknowledged that gasoline prices remain a significant issue for Americans.
Trump later clarified that his words were misunderstood, explaining that he meant inflation would not get worse. He predicted 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 has been built around a campaign promise to reduce inflation. Having pledged to halve energy prices within a year of taking office, inflation remains one of the key issues closely watched by voters.
Polls confirm this pressure. NBC News surveys showed that in April, only 32% of Americans approved of Trump’s handling of inflation, while 68% disapproved. During the same period, the economy emerged as the top concern for voters.
