US inflation hits three-year high; Trump says he 'loves' price increases

US inflation surged to 4.2% in May, the highest since April 2023, driven by a 23.5% jump in energy costs as the war in Iran disrupted oil shipments through the Strait of Hormuz Source: El Caribe, Listín Diario. The core inflation rate rose to 2.9% Source: El Confidencial. President Donald Trump reacted by saying 'I love inflation,' a comment that drew sharp criticism from Democrats who highlighted its political risk ahead of November's midterm elections Source: Clarín, La Voz. House Speaker Mike Johnson insisted the remark was taken out of context Source: Listín Diario. Despite the price spike, Trump predicted inflation would 'fall like a rock' once peace is reached Source: El Nacional. Markets showed mixed reactions: the IBEX 35 hit intraday highs on hopes of a peace deal, while the euro weakened and oil prices fell Source: Infobae, El Colombiano. In the UK, GDP grew 0.7% in the three months to April, but April alone saw a 0.1% contraction Source: Infobae. The Federal Reserve faces pressure to raise rates, though some analysts believe inflation may have peaked if the Strait of Hormuz reopens Source: La Vanguardia. Meanwhile, agricultural commodity prices in South America remain depressed, with soybean prices at four-month lows Source: Clarín.