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Trump insists inflation surge 'short term,' policies working
Inflation hit a recent peak of 9.1 percent in 2022.
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AFP - Tue, 12, May 2026
- 17:04 EDT
- 27
U.S. President Donald Trump points a finger as he participates in a healthcare affordability event in the Oval Office at the White House in Washington, D.C., U.S., April 23, 2026. / REUTERS/Kylie Cooper
U.S. President Donald Trump on May 12 insisted that his policies were working and that surging inflation was merely temporary due to the US and Israeli war against Iran.
"Our inflation is just short term," Trump told reporters, hours after consumer price inflation came in at 3.8 percent year-on-year, its highest level in three years.
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"As soon as this war is over, which will not be long, you're going to see oil prices drop," he said.
The war on Iran, launched on February 28, has engulfed the Middle East in violence, with Tehran's retaliatory action targeting US regional allies and virtually blocking the key Strait of Hormuz.
The halt in shipping through the waterway, which normally sees about a fifth of global oil and gas traffic, has seen energy prices skyrocket.
As of May 12, the average price of a gallon of regular gasoline in the United States had risen about 51 percent since the start of the war, according to data from the AAA motor club.
The US Federal Reserve has a long-term two-percent target for inflation, but policymakers have not achieved that level in more than five years. Inflation hit a recent peak of 9.1 percent in 2022.
Asked if Americans' financial situation motivated him to make a peace deal with Iran, Trump offered a robust response.
"Not even a little bit. That only thing that matters when I'm talking about Iran: they can't have a nuclear weapon," he said.
"I don't think about Americans' financial situation, I don't think about anybody."
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