Consumer prices in the United States rose 4.2% in May compared with a year earlier, according to data released Wednesday, marking the fastest pace of inflation since 2023. Economists pointed to rising oil and gasoline prices as major contributors to the increase after military tensions involving Iran disrupted energy markets. Higher fuel costs filtered through transportation networks and supply chains, contributing to broader increases in the prices of goods and services across the economy.

Responding to the inflation report, President Donald Trump said he was unconcerned by the rise in prices and declared, "I love the inflation," arguing that the increase reflected higher oil prices caused by the conflict with Iran. Trump maintained that inflationary pressures would ease once hostilities subside and said the broader U.S. economy remained strong. His remarks stood out because inflation and affordability have been central political issues in recent election campaigns and continue to be closely watched by voters and policymakers.