A couple of weeks ago, American consumers hoping for relief confronted more discouraging news: The consumer price index climbed to its highest level since April 2023, and inflation continued to outpace wage growth, exacerbating the affordability crisis.

When asked for his reaction to the news, Donald Trump told reporters that the latest inflation data was “great,” adding, “I love the inflation.”

Two weeks later, if the president still loves inflation, he has reason to be pleased with the latest data — though the American public will likely feel quite differently. CNBC reported:

The Federal Reserve’s primary price gauge rose at its highest level since 2023 [in May], reinforcing the central bank’s recent tough talk on inflation.

Excluding food and energy, the personal consumption expenditures price index showed a 3.4% annual rate after rising 0.3% for the month, both in line with Dow Jones consensus.

The new level has now reached a level unseen since October 2023.

What’s more, it’s not the only discouraging news related to inflation: The increase in the personal consumption expenditures index comes on the heels of related data from the Department of Labor that showed the fastest wholesale inflation in four years.

In a podcast interview earlier this month, the president argued, “We don’t have very much inflation. Look, if you take away just the price of gasoline, the energy, we have very little inflation. We’re doing very well, other than this.”

Several recent national polls have shown broad public opposition to the president’s handling of the cost of living. There’s no reason to assume that these numbers can’t get worse.

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