Significant acceleration recorded by inflation THE United States in May, as the war conflict with Iran and its impact on international energy markets led to a wide wave of price rises. At the same time, the president Donald Trump caused political controversy by stating that «Loves» inflation, expressing the belief that prices will deescalate once the war is over.
According to the latest figures, inflation in the US rose to 4.2% on an annual basis in May, from 3.8% in April, recording a marked acceleration a few months prior to the interim election of the Republican president's second term.
This is the highest level recorded since April 2023, marking the overthrow of the de-escalation observed in late 2025 and early 2026.
The consumer price index (CPI) had stabilised around 2.4% at the beginning of the year, before it began to rise sharply after the Middle East crisis escalated.
Energy leads the new wave of valuations
A central role in rekindling inflation was played by the launch of energy costs.
The increase in fuel prices reached 40.5% annually, following the US-Israeli bombings against Iran on 28 February and Tehran's subsequent reaction.
Iran went substantially to close the Straits of Hormuz, one of the most important maritime routes for oil and gas transport worldwide, causing turbulence in the energy markets.
The increase in oil costs directly affected a number of sectors of the economy, including plastic products, fertilisers and transport.
Estimates in transport, health and services
The effects were not limited to energy.
The so-called basic inflation, which excludes food and energy prices, increased to 2.9% annually, from 2.5% in February, indicating that price pressures are spreading throughout the economy.
The increase in air ticket prices increased by 26.7% compared with a year earlier was particularly marked.
At the same time, increases were recorded in vehicle maintenance (+6.1%) and hospital care services (+5.7%).
In the same period, wages increased at an average annual rate of 3.4%, lower than inflation, which translates into loss of purchasing power for many American consumers.
The Trump statement that caused the storm
Despite rising prices, Donald Trump appeared optimistic about the outlook of the economy.
Speaking to the Oval Office, he described the evidence «Great.» and proceeded with a statement that caused strong reactions.
«The numbers are great. I love inflation.», said, arguing that the indicator would «falls like a rock» Once the war with Iran is over.
Reporter: Are you concerted about the latest invention number that came out this morning?
Trump: No, I love it. I love the invention... pic.twitter. Com/JCnKwSWTRW
— Clash Report (@clashreport) June 10, 2026
This position caused direct political confrontation in Washington.
Democratic leader in the Senate, Chuck Schumer, accused the president of ignoring the effects of price increases on American households.
«Trump said, in fact, "I love inflation." In front of the cameras. So all Americans can hear him. His contempt for you has no limits», stated.
On the Republican side, House of Representatives Speaker Mike Johnson defended Trump, arguing that his comments were isolated from the wider context of the debate.
Distributed economists
Analysts appear divided in the course of inflation over the coming months.
Kathy Bostyancic of Nationwide estimates that the indicator may have already peaked and started retreating during the second half of 2026, provided that an agreement with Iran will soon be reached and the smooth operation of the Straits of Hormuz will be restored.
Similar appreciation is expressed by Nancy Faden Howten of Oxford Economics, who considers that the recent deescalation of fuel prices may mark the passage of the climax.
Αντίθετα, η οικονομολόγος της KPMG Νταϊάν Σουόνκ εμφανίζεται πιο απαισιόδοξη, προβλέποντας ότι οι πληθωριστικές πιέσεις θα παραμείνουν για μεγαλύτερο χρονικό διάστημα.
Όπως επισημαίνει, τα προβλήματα στις εφοδιαστικές αλυσίδες που προκάλεσε ο πόλεμος δεν πρόκειται να εξαφανιστούν αμέσως μετά την επίτευξη μιας συμφωνίας.
Στο επίκεντρο η Federal Reserve
Η εξέλιξη του πληθωρισμού φέρνει στο προσκήνιο και τις αποφάσεις της Federal Reserve.
Η αμερικανική κεντρική τράπεζα, η οποία έχει στόχο πληθωρισμό κοντά στο 2%, εξακολουθεί να εκτιμά ότι το σοκ από τον πόλεμο ενδέχεται να αποδειχθεί προσωρινό.
Οι αγορές θεωρούν σχεδόν βέβαιο ότι στη συνεδρίαση της επόμενης εβδομάδας η Fed θα διατηρήσει αμετάβλητα τα επιτόκια.
Ιδιαίτερο ενδιαφέρον παρουσιάζει το γεγονός ότι θα πρόκειται για την πρώτη συνεδρίαση της Επιτροπής Νομισματικής Πολιτικής υπό τον νέο πρόεδρο της Fed, Κέβιν Γουόρς, τον οποίο επέλεξε ο Ντόναλντ Τραμπ για τη διαδοχή του Τζερόμ Πάουελ.
Πριν από την ανάληψη των καθηκόντων του, ο Γουόρς είχε ταχθεί υπέρ της μείωσης των επιτοκίων για την τόνωση της οικονομίας. Ωστόσο, η νέα άνοδος του πληθωρισμού και η αβεβαιότητα που προκαλεί η κρίση στη Μέση Ανατολή ενδέχεται να περιορίσουν τα περιθώρια για πιο χαλαρή νομισματική πολιτική.
