For months, Donald Trump and White House officials had a habit of insisting that the president had delivered an economy with “no inflation.” The public has heard a lot less such talk lately, and there’s no great mystery as to why. CNBC reported:

The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported Wednesday. Both numbers were in line with the Dow Jones consensus.

Inflation climbed above 4% for the first time in three years, though the increase met expectations amid concerns over how much the surge in energy prices would impact the economy. The level was the highest since April 2023 and above the 3.8% level from April.

Asked for his reaction to the developments, Trump said the latest inflation data was “great,” adding, “I love the inflation.” (He went on to claim that his love for inflation is based on a secret program that takes Iranian oil. It’s unclear whether that program exists in reality.)

Q: Are you concerned about the latest inflation numbers that came out this morning?

TRUMP: No, I love it. I love the inflation. You know why? Because as soon as this war is over -- do you know we've been taking out millions of barrels of oil? You know who doesn't know? Iran until right now.

— Aaron Rupar (@atrupar.com) 2026-06-10T16:08:03.927Z

As for what’s driving the discouraging data, it is — to the surprise of no one — energy costs that are pushing prices higher, which is the direct result of the war with Iran.

Perhaps most importantly, NBC News’ report emphasized that inflation’s rise “has surpassed wage growth,” which necessarily exacerbates the affordability crisis gripping American consumers......

And no one is buying it. The latest national CNN poll found that 77% of respondents, including a majority of Republican voters, agreed that Trump’s policies have increased the cost of living. The same poll found that just 30% of Americans approve of the president’s handling of the economy, a career low for the Republican across both terms. That mirrored the results of the latest national Associated Press poll.