REUTERS, Washington

President Donald Trump on Wednesday appeared to embrace data showing inflation has risen more than 4 percent, telling reporters that he “loved” inflation and reiterating his belief that prices will fall as soon as the Iran war ends.

Asked about US government data showing consumer inflation increased at its fastest pace in three years in May, and whether it could hobble his fellow Republicans just months ahead of November’s midterm election, Trump said: “I love the inflation.”

The president then explained how he greenlit a plan to secretly move oil tankers through the Strait of Hormuz over concerns of increasing inflation.