WASHINGTON (AP) — President Donald Trump on Wednesday offered a strikingly upbeat reaction to rising prices, signaling that he has chosen, as he put it, to “love” inflation rather than fear it.

When questioned about a new report showing the consumer price index rose 4.2% in May compared with a year earlier, the president responded with unexpected optimism. He did not wave off concerns about affordability as a partisan invention, nor did he argue that living costs were already falling.

Instead, after federal data showed inflation had reached its highest level since April 2023, Trump openly applauded the figures.

“You know what I really love?” Trump said. “I love the inflation.”

The comment surprised many, especially as voters preparing for the November midterm elections continue to cite the economy as a primary concern and give the president weak approval ratings on the issue. Within minutes, Democratic leaders circulated video of his remarks across social media platforms.

During his 2024 campaign, Trump promised to swiftly defeat inflation. Now, however, he argues that elevated prices are largely the result of the conflict with Iran driving up energy costs. On Wednesday, he asserted that relief is imminent due to a covert military effort that he said enabled 100 million barrels of oil to pass through the Strait of Hormuz. The strategic waterway, responsible for transporting roughly 20% of the world’s oil supply, has been largely disrupted since fighting intensified in late February.

“Trump really said, ‘I love the inflation.’ On camera. For all of America to hear,” Senate Democratic Leader Chuck Schumer wrote online. “His contempt for you knows no bounds.”

House Democratic Leader Hakeem Jeffries also criticized the president, saying that with Trump’s stated affection for inflation, “We finally found something that Donald Trump loves as much as he loves himself.”

At a congressional hearing, Rep. Emilia Sykes, D-Ohio, pressed Energy Secretary Chris Wright on whether he shared the president’s apparent enthusiasm.

“Do you love inflation?” Sykes asked.

“I love ending Iran’s ability to have a nuclear weapon,” Wright replied. After further questioning, he added, “No, I would prefer lower inflation.”

Addressing Trump’s tone, Wright described him as “an entertaining, hyperbolic guy who’s done tremendous leadership.”

Trump credited the reported oil shipments for pushing crude prices below $90 per barrel, after they had exceeded $110 in early April.

“I’m just announcing today for the first time, but we’ve been taking out millions of barrels of oil, millions of barrels every night,” Trump said.

In a social media post, the president stated that the effort began last month and “resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait.” Independent verification of those figures was not immediately available, and the precise involvement of the U.S. military remained unclear.

For comparison, about 20 million barrels of oil per day typically moved through the strait before the conflict, meaning the claimed shipments would equal roughly five days of normal traffic.

In response to the inflation data, the White House emphasized that some prices declined in May compared with April, including costs for new vehicles, prescription medications and auto insurance. However, when overall inflation is weighed against changes in hourly wages, the data suggest that many Americans’ purchasing power has eroded.

“President Trump has consistently maintained that oil and gas prices — and thus overall inflation — will plummet once the Iran situation is resolved, and the administration will continue pushing our affordability agenda to enable Americans to keep more of their hard-earned money,” White House spokesman Kush Desai said in a statement.

Financial markets appeared skeptical of the administration’s assertions that oil flows were stabilizing prices, especially as U.S. forces carried out airstrikes against Iran and Tehran launched retaliatory attacks in the region.

U.S. crude oil futures rose about 4% on Wednesday, ending the day at nearly $92 per barrel.