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US CPI rises to 4.2% as inflation hits highest level since April 2023

US CPI rises to 4.2% as inflation hits highest level since April 2023

Higher inflation complicates Federal Reserve policy and market positioning, while President Trump said he "love[s] the inflation" and claimed the United States had taken Iranian oil, including 22 ships "last night."

Fact Check
Two high-authority primary news sources (CNBC and CBS News) independently confirm the central claim that US CPI rose to 4.2% annually in May 2026, the highest level since April 2023, with energy costs surging due to the Iran war. The Trump quotes ('love the inflation,' taking Iranian oil including 22 ships) are corroborated only by a single social media source (The Kobeissi Letter), which is lower authority and unverified, so those specific quotes carry less confidence than the core CPI figures.
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Summary

U.S. CPI rose to 4.2%, the highest inflation reading since April 2023, adding pressure on Federal Reserve interest-rate decisions and raising concerns about economic stability and market volatility, including in crypto. In remarks shared online, President Trump said he "love[s] the inflation" and also claimed the United States had been taking oil from Iran, including 22 ships of oil "last night."

Terms & Concepts
  • CPI: Consumer Price Index, a key measure of inflation.
  • Federal Reserve: The U.S. central bank, which sets monetary policy.
  • CPI inflation: Consumer Price Index price growth measure.