The latest inflation numbers brought more bad news for President Donald Trump, with consumer price increases jumping to 4.2 percent in May — a three-year high.
According to The New York Times, the new data on the Consumer Price Index from the Bureau of Labor Statistics represents “is up from a 2.4 percent annual increase before the conflict in the Middle East started in February and is the fastest pace since April 2023.”
Prices increased by 0.5 percent that month alone.
Trump’s attack on Iran has resulted in a near-complete shutdown of the Strait of Hormuz, which handles around 20 percent of the world’s oil traffic. The resulting shock has led to a surge in fuel prices, making logistics more expensive and putting upward pressure on the price of all everyday goods.
The president has downplayed the impact of inflation on everyday Americans, saying he doesn’t care about regular people’s financial situations when compared against Iran acquiring a nuclear weapon. He has also said a resolution to the war is coming soon, but hasn’t given specifics or a hard timeline.
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