US president Donald Trump appeared to embrace data showing inflation has risen more than 4 per cent, telling reporters that he “loved” inflation and reiterating his belief that prices will fall as soon as the Iran war ends, Reuters reports.

Asked about US government data showing consumer inflation increased at its fastest pace in three years in May, and whether it could hobble his ​fellow Republicans just months ahead of November’s midterm election, Trump said: “I love the inflation.”