Trump Humiliated as Inflation Rockets to New High

President Donald Trump has suffered a fresh economic blow after new data showed inflation surged to its highest level in more than three years.

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As the shock to global energy supplies from the Iran war continued to push prices higher, new figures show that the Consumer Price Index rose 4.2 percent in May compared to a year earlier.

But with only months until the midterm elections, the data is damning for the GOP, given Trump returned to office promising to quickly bring down costs for American consumers.

Instead, households are facing renewed pressure from higher prices, while businesses continue to grapple with uncertainty stemming from geopolitical tensions.

Those tensions are unlikely to ease in the short term, after the president issued a new threat on Wednesday to escalate the war with Iran.

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“Iran’s Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn’t even exist anymore-They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!!” Trump posted at 7:03 a.m. ET on Wednesday.

“They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”

The latest figures are also likely to complicate the Federal Reserve’s plans for interest rates, despite Trump’s handpicked chairman Kevin Warsh now leading the central bank.

Federal officials have repeatedly signaled that they need greater confidence inflation is moving sustainably toward their 2 percent target before cutting rates.

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But Wednesday’s data makes that outcome increasingly unlikely in the near term.