Washington — President Trump on Wednesday applauded the latest inflation spike, saying the numbers are  "great" and "I love the inflation" because the U.S. is "taking out" what he called "millions" of barrels of Iranian oil through the Strait of Hormuz and because once the conflict is over, he said oil prices and inflation will drop rapidly. 

A reporter asked the president in the Oval Office Wednesday if he's concerned that the Consumer Price Index rose at an annual rate of 4.2%, up from 3.8% in the prior month and marking the highest level since April 2023. The new inflation numbers were released earlier Wednesday. 

"No, I love it," the president said. "The numbers were great. You know what I really love? I love the inflation. You know why? Because as soon as this war is over. You know, I can say it now, something you didn't know. Did you know we've been taking out millions of barrels of oil? Nobody knows it. You know who doesn't know about it? Iran, until right now. We took out the other night, 22 ships. Late at night, with no lights. Because they don't have any radar because we blasted the crap out of it. We took out. That's why oil's $85 a barrel."

While the cost has come down in recent weeks, the cost of Brent crude — the international standard — was about $94 per barrel at midday Wednesday. The president said he expected oil prices to be even higher than they are now, and noted that the stock market has reached all-time highs. 

On Truth Social Wednesday afternoon, the president said he directed the military to "execute a secret mission" to support oil tankers and other commercial ships through the Strait of Hormuz. 

"Today, I am pleased to announce that this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Straight, and into the Open Market," he said. "More than 200 Commercial Ships have safely traveled through the Strait. This wildly successful effort is because the UNITED STATES of AMERICA CONTROLS the Strait of Hormuz — NOT Iran. Their military is defeated, and their economy is lost. It's over for Iran!"

The president said oil prices still aren't as high as he anticipated ahead of the war, and the U.S. stock market is hitting "all-time historical highs." The president said Venezuela was a "great success," and the U.S. is extracting millions from both Venezuela and Iran. 

"I think they're going to want to make a deal, but we're going to find out," the president said of Iran. 

A reporter asked the president if he expects inflation to fall once the war is over. 

"When the war is over? It's coming down. It's going to come down like a rock," he said. "And again, we're taking out millions, which, I'm just announcing today for the first time, but we've been taking out millions of barrels of oil. Millions. Every night." 

Despite the president's recent comments that the price of gas will come down to pre-war prices, if not lower, federal government predictions disagree with him. The U.S. Energy Information Administration, which in January predicted retail gas in 2027 would be $2.95 on average per gallon, now predicts gas will average $3.64 in 2027. Gas was easily under $3 a gallon on average in January. 

Mr. Trump is underwater in polls on the economy, despite the economy and cost of living once being his strongpoints in polling. Higher inflation is also coming in a midterm election year when Republicans are battling to keep control of the House and Senate.

Democrats seized on the president's inflation comments. 

"Trump really said, 'I love the inflation.' On camera. For all of America to hear," Senate Minority Leader Chuck Schumer wrote on X. "His contempt for you knows no bounds."

"Trump just admitted he 'love[s] the inflation,'" House Minority Whip Katherine Clark wrote. "He loves making your costs skyrocket. He loves being $4 billion richer at your expense."

House Speaker Mike Johnson defended the president's comments Wednesday, telling reporters Mr. Trump was taken out of context and was actually referring to future economic improvements. The Louisiana Republican said "it's going to be great to have that [inflation] number and compare it to what comes next when we get these situations resolved."