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President Donald Trump brushed off the nation's sharp increase in consumer prices, telling reporters, "I love the inflation."

Inflation hit 4 percent for the first time in three years in May, driven by surging gas prices from the Iran war.

Consumer prices rose 4.2% annually in May, with energy costs responsible for the majority of the increase. Core inflation rose 2.9%, up from 2.8% in April. The May gain met the expectations of analysts.

When asked if he's concerned about the latest inflation numbers, President Donald Trump told reporters that he loves the inflation.

The producer-price index rose by 1.1% last month, following an equal increase in April. Analysts polled by The Wall Street Journal were expecting a 0.7% increase.