Washington DC - President Donald Trump on Wednesday brushed off consumer inflation surging to a fresh three-year-high in May, with soaring energy prices caused by his war in Iran posing a key challenge to Republicans ahead of midterm elections.

"The numbers were great... I love the inflation," Trump said when asked if he was concerned by Wednesday's data.

Speaker of the House Mike Johnson later insisted the president's remarks were taken out of context.

The consumer price index (CPI) rose 4.2% year-on-year, up from April's 3.8% figure, the US Bureau of Labor Statistics said Wednesday.

Donald Trump Trump to begin talks with Iran after calling off "the biggest attack since World War II"

It was the highest reading since April 2023, according to official data, but in line with analyst expectations.

The US-Israel war against Iran, launched in late February, has sent energy prices skyrocketing after Tehran retaliated by virtually closing the vital Strait of Hormuz, through which roughly a fifth of global oil and gas normally pass.

Trump also repeated his prediction that inflation would "come down like a rock" after the conflict ends.

Economists have disputed that claim, with oil prices expected to take months to return to pre-war levels, depending on when hostilities end.

Soaring costs are a key issue for voters as they head to midterm elections in November, when Trump's Republican Party will be aiming to maintain its control of both houses of Congress.

Should Democratic lawmakers retake one or both houses, it will limit Trump's ability to bulldoze policies through Congress as he has done throughout his second term.