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2012 Republican presidential nominee Mitt Romney supports raising the minimum wage to keep up with the rising cost of living.

"I think we ought to raise it," the 2012 Republican presidential nominee said in an interview on MSNBC's "Morning Joe" Friday morning. "Because frankly, our party is all about more jobs and better pay."

Note, however, he didn't specifically say he backed President Obama's and Senate Democrats' push to raise the wage to $10.10. Republicans recently blocked that bill in the Senate.

Watch: Dairy Queen CEO discusses minimum wage

For Romney, the key has always been inflation.

When he was running for governor of Massachusetts in 2002, Romney said he supported automatic increases in the minimum wage to keep pace with inflation. He reiterated that view during his 2012 run, breaking with much of the Republican party.

Chart: See the minimum wage adjusted for inflation since 1938

But while he was governor, Romney vetoed legislation that would raise the Massachusetts hourly rate from $6.75 to $8 over a course of two years. At the time, he said it went too far, outpacing the rising cost of living. (The legislature later voted to override his veto).

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Republicans who back minimum wage hike