Trump Says 'I Love the Inflation' as Rate Spikes to 3-Year High

[00:00:00]The cost of war with Iran hitting Americans hard in the wallet with inflation surging to 4.2% in May, its highest level since early 2023.

[00:00:12]The numbers driven in large part by soaring fuel costs driven by the Iran war. Groceries like coffee, lettuce, and baked goods getting more expensive, too, as is dining out.

[00:00:25]And taking off as jet fuel prices push up airfares. President Trump trying to put a positive spin on the tough economic news.

[00:00:33]>> The numbers were great. You know what I really love? I love the inflation.

[00:00:36]>> The president adding a few moments later >> When the war is over?

[00:00:41]It's coming down.

[00:00:41]>> I I know you can't >> It's going to come down like a rock.

[00:00:44]>> The president later telling the New York Post his words were taken out of context and that he meant, quote, despite the fact that we're in a war, the numbers are much lower than anticipated. Still, President Trump's focus on Iran, including comments like this last month >> I don't think about Americans' financial situation. I don't think about anybody. I think about one thing. You cannot let Iran have a nuclear weapon.

[00:01:10]>> Opening the door to Democratic critiques that he's mismanaging the economy.

[00:01:14]>> I think the reality is the only conclusion that we can draw is that he doesn't give a damn about making life better for everyday Americans.

[00:01:23]>> The war itself imposes costs, but uncertainty and chaos and start, stop, start, stop, start, stop not helping anybody.

[00:01:31]>> At the end of the day, all of this could have significant political implications for the president's party. Our NBC News polling shows that less than a third of Americans approve of President Trump's handling of inflation and the cost of living. That is a flashing red warning sign for Republicans as the midterms approach. Savannah?

[00:01:47]>> Garrett Haake at the White House. Thank you, Garrett.

[00:01:50]>> Hey, thanks for watching and don't forget you can catch the Today show every morning on NBC or take today when you're on the go. Just follow the today podcast on Apple podcast, Spotify, or wherever you listen.