{"id":1153,"date":"2026-06-10T19:11:41","date_gmt":"2026-06-10T19:11:41","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1153"},"modified":"2026-06-10T19:11:41","modified_gmt":"2026-06-10T19:11:41","slug":"i-love-the-inflation-trump-is-not-concerned-about-inflation-hitting-4-for-the-first-time-since-2023-the-numbers-were-great","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1153","title":{"rendered":"\u2018I love the inflation\u2019: Trump is \u2018not concerned\u2019 about inflation hitting 4% for the first time since 2023. \u2018The numbers were great\u2019"},"content":{"rendered":"
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When asked by a reporter in the Oval Office if he was concerned about the inflation report that came out today, the president replied in the negative. <\/p>\n

Read more Honda recalls nearly 900,000 cars thanks to rear suspension problems<\/a><\/p>\n

\u201cI\u2019m not concerned about the latest inflation numbers that came out this morning. I love it. I love the inflation,\u201d he said. <\/p>\n

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He said the inflation data was good because it showed energy prices were a huge driver of rising costs \u2014 the government said they accounted for more than 60% of the monthly increase \u2014 and he suggested inflation would ease \u201cas soon as this war is over.\u201d<\/p>\n

However, the U.S.\u00a0launched more airstrikes\u00a0against Iran on Wednesday, and Trump said more were coming, as Tehran fired back at countries in the region.<\/p>\n

Inflation hits home<\/h2>\n

Rising\u00a0gas prices\u00a0pushed inflation to its highest level in three years last month, a headache for the Federal Reserve and a potential political challenge for the Trump administration as midterm\u00a0elections\u00a0near.<\/p>\n

Consumer prices rose 4.2% in May from a year earlier, the Labor Department said Wednesday, up from 3.8% in April and the third straight monthly increase. On a monthly basis, prices rose 0.5% last month, after big gains of 0.6% in April and 0.9% in March.<\/p>\n

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Prices have now risen faster than wages for several months, pressuring many Americans\u2019 finances and causing consumers to take a\u00a0decidedly dim view\u00a0of the economy. Families are dipping into savings to maintain their spending, and more people are falling behind on their credit card bills. Large retailers\u00a0say they have also noticed changes in customer behavior,\u00a0like buying smaller amounts of gas during visits to the pump.<\/p>\n

Inflation is now well above the Federal Reserve\u2019s 2% target, which it has surpassed for more than five years. New\u00a0Fed chair Kevin Warsh\u00a0will preside over his first policy meeting next week, when the central bank is expected to keep its key interest rate unchanged. But the Fed is also likely to change the statement it issues after each meeting to remove a suggestion that its next move could be to lower rates. With inflation proving stubborn, financial markets expect the Fed could instead raise rates by the end of the year.<\/p>\n

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When the Fed lifts rates, over time it can make mortgages, auto loans, and business borrowing more expensive.<\/p>\n

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Outside energy costs, price increases last month were not as dramatic, a sign that sharply higher inflation hasn\u2019t yet spread throughout the economy. Should the\u00a0Iran war\u00a0end and oil and gas prices decline, headline inflation could begin to cool. Gas prices have fallen this month, though they remain elevated.<\/p>\n

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Excluding the volatile food and energy categories, core prices rose at a more modest pace. On a monthly basis, they climbed just 0.2%, down from a 0.4% gain in April. Compared with a year ago, they have rise 2.9%, up from 2.8% in April.<\/p>\n

Crude prices shot back above $90 a barrel on the violent exchange of fire.<\/p>\n

Still, many goods and services rose in price last month: Clothing costs increased 0.3% and are 4.8% more expensive than a year ago. Airline fares, pushed higher by pricier jet fuel, jumped 2.7% just in May and are nearly 27% higher than a year ago. Electricity prices rose 0.6% in May and are up 5.9% in the past year.<\/p>\n

Grocery prices were tamer in May compared with previous months, rising just 0.1% from April. Still, they are up 2.7% from a year ago and have risen sharply since the pandemic.<\/p>\n

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\u201cI don\u2019t think we\u2019re anywhere near out of the woods yet,\u201d Omair Sharif, chief economist at Inflation Insights, said. Price increases \u201cwere stronger under the hood.\u201d<\/p>\n

Sharif and other economists point out that the cost of services, including child care, home health care, and dental services are still rising much more quickly than is consistent with the Fed\u2019s 2% inflation target.<\/p>\n

Bill Adams, chief U.S. economist at Fifth Third Commercial Bank, attributed some of the gain to a crackdown on immigration, which has likely forced many employers in those industries to raise wages.<\/p>\n

Read more Inflation is back above 4% for the first time since 2023\u2014but Kevin Warsh might catch a break<\/a><\/p>\n

Inflation\u00a0had been cooling before Trump imposed sweeping tariffs in April 2025, which lifted the costs of many goods. Prices have since surged after the Iran war made oil and gas more expensive, making affordability a key political issue.<\/p>\n

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Small businesses are struggling with higher costs, some of which they are passing on in the form of higher prices. Others have slowed hiring or even cut jobs.<\/p>\n

Beth Benike, the founder of Oronoco, Minnesota-based Busy Baby, said her small company was hit hard by tariffs last year and is now struggling with higher shipping costs stemming from more expensive fuel. The company sells silicon placemats and toys that attach to high chairs and strollers.<\/p>\n

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Sales have declined as inflation has worsened, and Benike recently reduced one full-time employee to part-time hours. She said that more of her customers are now grandparents of newborns, rather than the parents.<\/p>\n

\u201cGrandparents have a little more disposable income than the generation that\u2019s having babies,\u201d she said.<\/p>\n

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Gas prices rose in May because of Iran\u2019s closure of the Strait of Hormuz, which has choked off about a fifth of the world\u2019s oil supply. Prices at the pump rose, on average, from about $4.04 in mid-April to $4.49 in mid-May, according to the Energy Information Administration.<\/p>\n

They have since fallen back to $4.16 on average nationwide, according to AAA, which could lead to a cooler inflation reading in June. That doesn\u2019t mean gas prices are not prominent in the minds of most Americans. A gallon of gas has hovered above $4 a gallon since March.<\/p>\n

Major retail chains have discounted prices to accommodate customers who are watching their spending more closely.<\/p>\n

Dollar General is expanding the number of items that cost $1 or less, including frozen food. The shift has come with shoppers swapping out favored retailers for dollar stores.<\/p>\n

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\u201cWhen that (gas) price hits that $4 mark and then crosses it and then sustains for a while, you start to see that trade-in come in and you start to see that our core customer needs us most,\u201d Dollar General CEO Todd Vasos said this month.<\/p>\n

Amber Greenwell, executive director of the America First Credit Union\u2019s charitable foundation, based in Ogden, Utah, says the cost of gas, housing and groceries have risen sharply in her state and much of the west in the past year. Her organization organizes food and diaper drives in the six states where the credit union operates.<\/p>\n

\u201cThere is substantial growth in families who need more food resources as well as diaper resources,\u201d she said.<\/p>\n

Stubbornly high inflation has shifted the debate among Fed policymakers, who had signaled at the start of the year that they were inclined to cut their key rate twice more this year. Now, more officials are saying they expect the Fed\u2019s next move will likely be a hike rather than a cut.<\/p>\n

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Despite higher inflation, the job market appears to be improving, with\u00a0hiring increasing to a healthy level in May, and the economy is still growing. These positive signs suggest the Fed doesn\u2019t need to cut rates to stimulate growth and hiring. They also signal that the Fed\u2019s rate isn\u2019t so high that it is weighing on the economy. Yet some officials want rates to cool growth a bit, because that can bring down inflation.<\/p>\n

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AP Writers Josh Boak and Anne D\u2019Innocenzio contributed to this report. D\u2019Innocenzio contributed from New York.<\/p>\n

Read more Switzerland to cast world\u2019s first ever vote on whether to cap population<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The president told reporters that the inflation number is only reacting to the war in Iran, and it will adjust once the ceasefire becomes permanent.<\/p>\n","protected":false},"author":1,"featured_media":1152,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-1153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-donald-trump"],"yoast_head":"\n\u2018I love the inflation\u2019: Trump is \u2018not concerned\u2019 about inflation hitting 4% for the first time since 2023. \u2018The numbers were great\u2019 - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=1153\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018I love the inflation\u2019: Trump is \u2018not concerned\u2019 about inflation hitting 4% for the first time since 2023. \u2018The numbers were great\u2019 - 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