President Donald Trump on Wednesday said, "I love the inflation" after being asked if he was concerned about new consumer price index data that showed the annual inflation rate at 4.2%, a three-year high.
"No, I love it, the numbers were great," Trump said in the Oval Office, where a reporter asked him about the CPI number issued earlier in the morning.
"You know what I really love? I love the inflation. You know why?" Trump said. "Because as soon as this war is over, you know I can say it now ... you know we've been taking out millions of barrels of oil."
"Nobody knows it. You know who doesn't know about it? Iran, until right now," Trump said.
"We took out the other night, 22 ships, late at night, with no lights, because they don't have any radar, because we blasted the crap out of it," the president said. "That's why oil is at $85 a barrel."
It was not immediately clear what Trump meant by "taking out" oil and ships, and how that related to consumer prices.
While the CPI showed annual inflation at a three-year high, core inflation, which excludes the cost of food and energy, was at 2.9% annually. That is in line with forecasts by economists.
CNBC has requested comment from the White House and the Department of Energy.
Trump's comments on inflation come as his fellow Republicans fear that consumer angst over rising prices will hurt the chances of GOP lawmakers retaining their slim majorities in both chambers of Congress in November's elections.
— CNBC's Megan Casella contributed to this article
